The involvement and importance of technology is only ever increasing as insurance processes become streamlined and information is readily available. It is up to insurance brokers to harness the benefits of technology to adapt and thrive in a world that is increasingly digital.
Nick Daffy, Senior Account Manager from PNOinsurance believes that a lot has changed since he began his career in Regional Victoria, “I strongly feel that brokers shouldn’t rely on technology to perform our duties, but use it as an effective tool to support our role – effectively utilising technology means quicker turnarounds and less errors, resulting in a better client experience.”
Martin Van Rhoon, Director of Acacia Insurance Brokers states that intermediaries can add value to their clients by introducing them to new technologies that help manage and reduce their risk. He says, “Look at the way the world is evolving, and ask yourself what technologies will make a difference to the way your clients do business?”
Rhoon stresses that solving problems will never be ‘old hat’, “Recognising need and providing solutions will always be a sought-after skill. But brokers have to keep pace and evolve, explore new technologies and engage skill sets that solve modern business problems. Playing the same old, same old transactional role will continue to diminish in value.”
Daffy on the other hand believes that there will always be a role for traditional broking, depending on the size and complexity of the clients. He definitely agrees that brokers need to distance themselves from being transactional brokers. “Working to fully understand our client’s business, staying abreast of emerging risks, changes to insurance policies and relevant legislation will always allow brokers to tailor their solutions and add value,” he says..
Van Rhoon is emphatic that the role of trusted adviser that brokers provide can never be replaced by technology. He says, “It will never replace the ability to deeply explore a client’s need through skilled discovery and questioning and having a broad and deep understanding of the solutions the market offers and matching that need.”
Daffy believes that technology will only ever aid an effective broker and not replace their role, “A broker’s knowledge, advice and guidance will always be the key benefits to our clients.”