The move to e-trading is reaching a tipping point, and the pace of progress is reaching a level that makes it a significant option for all sides of an insurance transaction. According to the Insurance Times Digital Adoption Report, produced in association with Applied Systems®, 66% of the brokers who responded to the survey visited up to 20 insurer extranet sites weekly to generate a quote for the same risk, while 27% had to visit between 20-40 times a week.

What stands out for me is that we have talked about e-trade for a very long time. However, brokers were not carrying out e-trading to any meaningful degree. That has changed, and it is starting to move at a pace that makes it a reality for the market. But we still need insurers and software houses to collaborate to enable better and smoother communications between the platforms and the extranets.

“82% of brokers are currently using a Broker Management System. This indicates that more brokerages are recognising the benefits of having a BMS and are using it to gain an edge in the face of growing competition."

Solutions like Applied Epic® allow you to manage all lines of business across all locations and roles in a single platform while providing flexibility to integrate with both Applied and non-applied technologies. While some brokers may choose to use multiple platforms to manage various lines of business, this can cause problems because these platforms need to exchange data effortlessly. As a result, some brokers may have to re-enter information, wasting time better spent serving customers and growing their business.

Moreover, a solution like Applied Epic brings other advantages to your brokerage. It authenticates and validates data, eliminates duplication, and resolves errors to enhance data quality. It also provides automated compliance checks and balances and keeps an auditable data record. Applied Epic delivers agility and data-centricity, optimising processes to improve profitability and customer retention.

Digital empowerment is increasingly essential for any broker to remain competitive in our marketplace. Adopting digital solutions can provide actual efficiency savings and improve the overall customer experience. Broker management systems, like Applied Epic, can provide a single view across all lines of business, which can lead to increased revenue and better business continuity. As the industry continues to evolve, brokers that embrace digitisation and implement the right solutions will be well-positioned to succeed.

Get your copy of the Insurance Times 2023 Digital Adoption Report.