The Canadian insurance industry is constantly evolving, and brokers are at the forefront of these changes.
This is according to Matt Taylor, general manager at PAL Insurance Brokers, who recently shared his insights on the trends currently shaping the industry during an interview with IBTV.
Taylor said staffing emerged as a significant hurdle for their business and noted that many companies are challenged with recruiting and onboarding staff.
He also highlighted a broader challenge involving the changing dynamics of the online insurance landscape, pointing to the influence of millennials in driving the adoption of online platforms and automated processes, including customer automatic quote binding.
Regarding technology, Taylor also noted the role of artificial intelligence (AI) and the benefits it could bring to the insurance industry.
AI holds significant promise and is likely the next step for insurance technology, he said, given its ability to streamline processes, particularly in automating routine tasks like application submissions.
“With the current infrastructure that we have and the way that the technology in AI is slowly getting into the insurance industry, I think things are definitely on the right pace,” he added.
Despite this viewpoint, Taylor emphasized the value of human touch, especially when dealing with unique or complex risks.
With these trends in mind, Taylor said it is essential for brokers to remain knowledgeable of the infrastructure “to keep up with the pace of insurance and the way the industry is growing.”
As for his predictions for the remainder of 2023, Taylor expressed enthusiasm for the return of trade shows, conventions, and other events.
He said he was looking forward to a busy season of reconnecting with industry peers and colleagues after a period of remote interactions due to the pandemic.
“I think it'll be a very busy season for us,” said Taylor.
Learn more about PAL Insurance Brokers’ Matt Taylor and his thoughts on the challenges facing brokers today by watching his interview with IBTV.
