21 July 2023
Can tech innovations improve digital insurance distribution?
Recently HUG HUB CEO, Jonathan Davey, was invited by the Managing General Agents Association (MGAA) to present a market briefing to their members. As one of the founders of the MGAA, and former CEO of two MGA businesses, Jonathan had extensive knowledge and expertise relevant to the topics covered in the briefing
The presentation centered around “How can technological advancements improve the digital distribution of commercial insurance?”’ – a topic close to the hearts of anyone involved in the sale and distribution of SME protection products. Given Jonathan’s background in the InsurTech space, he was well-positioned to provide true insight into both the marketplace and the insurance software innovations that can make a positive impact.
The benefits of digital transformation and insurance software solutions
The briefing began with a quick overview of the history of SME insurance distribution. This transitioned into a detailed analysis of the current industry landscape, including the prevalent challenges and the technological advancements reshaping not only the sector but also our daily lives. Jonathan discussed the many benefits of digital transformation in insurance and explored some simple software solutions that could have a significant positive impact on digital distribution, including a pioneering new SME broker quoting platform, Extranet HUB.
Hosted online, the session saw attendance from a number of representatives from MGA businesses. Feedback, collected through online polls during the event and comments submitted in the aftermath, suggested that the briefing offered genuine insight into the present challenges faced by all in the commercial insurance field. Additionally, it proposed practical and valuable strategies that MGAs can employ to enhance operational efficiency.
Key takeaways from the MGAA market briefing
The briefing touched on many topics within our industry. For those who couldn’t attend, here are six key takeaways we’d like to share with you:
1. Responsibility for the bulk of the administration required to quote and sell commercial insurance has shifted from insurers and MGAs to brokers.
2. This has created a situation where brokers shortcut the quote process and use only a few selected extranets to avoid valueless, time-consuming admin, leading to insurers and MGAs potentially missing out on quoting and revenue opportunities.
3. BUT the future is bright for commercial brokers, insurers and MGAs…
4. Exciting new technologies are being developed all the time and can make a hugely positive impact on many areas of our daily lives, as well as benefitting the commercial insurance industry.
5. For SME insurance, digital transformation can improve efficiencies and streamline operations by digitising manual tasks. It can improve customer service, increase customer engagement, boost retention levels, improve loss ratios and combat fraud.
6. Whilst the prevalence of new technologies may seem overwhelming, a simple place for SME insurers, MGAs and brokers to start reaping the benefits is by signing up to the new commercial insurance quote platform, Extranet HUB.
Learn more: Download the full presentation
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