AI and automation are dominating conversations about the future of insurance and what brokers should be doing to become “future-ready.”
But while much of the conversation focuses on what brokers should adopt next, there is another question worth asking: what could you stop doing manually?
“For SME brokers, that might mean rekeying client details, moving between systems, producing documents or processing routine policy changes. These tasks are necessary, but the broker’s time spent completing them could potentially be better used elsewhere,” says Peta Furlong, Senior Operations & Distribution Manager at BizCover for Brokers.
Being future-ready, then, is not about adopting technology for the sake of it. It is about identifying where technology can reduce repetitive processes and create more time for the work where broker expertise creates real value.
What is a broker’s time really worth?
Every hour spent on repetitive administration is an hour that can’t be spent elsewhere.
“Insurance broking is an industry built on relationships and trust,” says Peta. “Technology should give brokers more time to do what they do best –
What does removing friction look like in practice?
Good technology shouldn’t add another layer of complexity to a broker’s day. Ideally, it should work quietly in the background, simplifying processes and reducing unnecessary steps.
For SME brokers, that means looking across the entire insurance journey. The BizCover for Brokers (B4B) online platform is designed to support brokers from the initial quote through to binding and ongoing policy management.
“The goal is to reduce the amount of time spent on tedious admin work, creating more capacity for the conversations, decisions and relationships where a broker’s expertise matters most,” says Peta.
Stop entering the same information twice
With the B4B platform, brokers can enter client information once and use it across relevant products, reducing the need to rekey the same details and freeing up time for work that requires their expertise. It may be a small efficiency for one client, but one that can add up across an entire book.
Make comparison easier, not narrower
Through one submission, the B4B platform enables brokers to compare multiple SME insurance products and insurers.
Peta explains: “The comparison becomes broader without making the process slower or requiring the same information to be entered multiple times. The broker can then focus on applying their understanding and expertise to the client’s individual circumstances.”
Manage the policy, not just the sale
Administrative work doesn’t end once a client chooses an option. The B4B platform enables brokers to move from quote to bind online, reducing the steps between a client deciding to proceed and the policy being bound.
Amendments, cancellations and renewals can also be managed online, while self-service Certificates of Currency, quote documents and online referrals help brokers respond to everyday client requests more efficiently.
For the client who needs a Certificate of Currency late on a Friday afternoon, easier access to routine documents means a faster response without unnecessary back-and-forth.
Time saved creates an opportunity for better service
Reducing administrative friction doesn’t automatically create stronger client relationships. What it does create is an opportunity for brokers to redirect that capacity towards their clients – whether that means discussing changing risks, preparing for renewal or simply being available when a client needs help.
“When technology takes some of the administrative burden away, brokers can choose to invest that time back into their clients,” says Peta. “That’s where the real opportunity lies.”
The future is about quality, not quantity
Ultimately, the most future-ready broker may not be the one using the most technology, but the one whose technology gives them more time to do what clients value most: building relationships, providing advice and solving problems.
Discover how BizCover for Brokers can help simplify SME insurance