Given the explosive expansion of the fintech and insurtech markets in recent years, it’s little wonder that so many brokers are questioning how they can use tech to their advantage. In a recent chat with IBTV, Zoe Williams (pictured), divisional director at Blink Intermediary Solutions provided some critical information on how the market is evolving and where brokers fit into this changing ecosystem.
“[The market] has expanded massively,” she said. “There's lots of new tech companies coming in with ideas and entrepreneurial flair, thinking that they can come in and disrupt the insurance marketplace.”
In the context of this environment, Williams noted that there is still an important role for those general insurance brokers operating in their communities. They’re out there in the local vicinity, she said, offering advice and expertise and it’s amazing when you speak to brokers and get a real insight into the range of people coming through their door looking for that insight. This is where brokers get an opportunity to shine and utilise their skill sets.
“[Brokers can use new tech to their advantage] by improving the customer journey,” she said. “So, they've got this great skill set and expertise, but how do they make the client aware that they're in their local community, that they can write business efficiently and that they've got websites and online solutions?
“It's just that mixture where you’re bringing together and collaborating the traditional benefits of an insurance broker with the benefits of online efficiency by using tech.”
For those brokers looking to take their first steps onto the “tech bandwagon”, Williams advised that they first look at their own businesses to understand where they are now and where they want to grow. They need to identify where they have areas of expertise, she said, and then just try and understand where they can improve that ecosystem.
“[That’s understanding] where they can get better channels so that you can pick up the phone, or you can email them, or you've got online. It’s just making sure that you're making it as simple as possible to trade with, and using fintech in a positive way as a business tool to make you more accessible.”
