The launch and use of online platforms and the ease with which clients, brokers and insurers can analyse data is important for the future of the industry as client expectations change, an insurance leader has said.
Mark Hoppe, managing director of the Australian branch of
Atradius, said that the time has come for the industry to share data to help both itself and clients.
“I think we have access to so much data that it is silly not to share it with the client and the broker,” Hoppe told
Insurance Business.
“It is not just for their benefit, it is also for ours. If you have a more informed client then theoretically the risk that we are underwriting should be a better risk because they have more information around what is going on.”
Atradius recently announced that they would be the latest insurer to invest in a more detailed online platform for brokers and clients that will allow them to access data and analytics not only about their own products and portfolios but around risks that they may face.
The proliferation of these online channels will be key for service providers in the insurance industry as the expectation of business clients continues to shift.
“Traditionally, a lot of systems have been more around data entry and over time brokers and clients are looking for more than that,” Hoppe continued.
“They are looking at exchanging information and management reporting, and they are looking to use the data we have got to not only manage their portfolio and their client base but also to use that information to increase their sales.”
Hoppe noted that, in other aspects of business, clients are able to access more detailed data and that expectation has now crossed over into the insurance industry.
Related stories:
Hardening rates to boost trade credit market
Business collapse shows importance of trade credit cover
.jpg)
