The insurance industry is being taken on a ride by technology. The benefits of automation are clear but there are still some who view technology as a disruptor.
Perhaps rather than looking at digital innovation as a threat, the industry should be looking at it as a welcome wake-up call. Who doesn’t like a challenge?
Of course, technologies with ever-increasing capabilities will change the nature of the insurance industry. They’re putting increased pressure upon intermediaries, like insurance brokers, to
demonstrate the great value they provide.
“With increasing costs, compliance restrictions and actuaries scrutinizing business plans, it is inevitable that the basis for remuneration and how that is apportioned will be reviewed, so the pressure is on brokers, in particular, to demonstrate that the role they are undertaking is key to the process, and not simply going through the motions of bygone years,” said Sarah Newman, director of Support Services at Endeavour Insurance Services, a
Delegated Authority Specialist and Lloyd’s Broker.
“For example, at Endeavour Insurance Services we came to a firm conclusion that our role within claims must change fundamentally. We strive to be proactive rather than reactive, not least when dealing with claims, but in every area of our business.”
Endeavour’s fundamental business changes came
hand-in-hand with technology acquisition. New technology empowers brokers with more transparency, consistency and accountability and it enables them to work more efficiently and remove regulatory burdens, according to Newman.
Transparency is key in today’s ever-evolving insurance industry. In September, Endeavour launched its Advantage claims management system for Lloyd’s coverholders in Canada and the United States of America. The platform, launched in partnership with Advent Claims, enables brokers, coverholders and the market to keep sight of claims with complete transparency, while removing the need for duplicative processing.
“By storing all data in one central location, and providing the capability to interface with market systems such as lineage and electronic claims file, as well as other parties’ internal systems, this offers the capability to deliver information both into and out of the market with no unnecessary delays,” Newman explained.
“The bonus for our clients is that, apart from a nominal, one off, setup fee, they can use the system free of charge. All information is stored in one central location, while providing the capability to interface with market systems such as lineage and electronic claim files, and other parties’ internal systems. There is no other operating model which is doing all of this within the London market.”
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