Technology for Insurance Brokers Makes Sense

technology for insurance brokers

Cisco and Capita recently released a report in the UK titled, “Trends vs. Technologies 2016 report”. The study showed that while everyone agrees tech is important, there is a huge gap between having that knowledge and putting it into practice.

According to the report, an overwhelming 88 percent of those who responded felt “financial gains can be made by responding to IT trends within their business” and 86 percent agreed that a “competitive advantage can be gained by responding to IT trends.”

For instance – while 84 percent of respondents agreed cloud-based solutions were relevant to their industry, results also showed that only 56 percent of companies actually employed this technology.

This apprehension can be attributed to the many challenges presented by implementing new technologies in the workplace. This has proven true across various industries – including HR.

Recently, Steve Smith, partner at consultancy The Starr Conspiracy, addressed an audience of brokers and HR representatives at the 2016 PlanSource conference about the issues faced when implementing HR tech. He noted the “aggressive approach [of Zenefits] bifurcated the broker market of those who realize technology for insurance brokers is the future and must embrace it, and those who want to continue to do business like 1995.” He continued by saying “many tech vendors don’t know the best way to engage with brokers. That is an interesting ongoing conversation.” Ultimately, he felt it all boiled down to a need to find the right partners who were able to provide real service, reminding attendees to “check references and know what you are getting into” before moving forward with a tech company (you read a recap of his full keynote on Employee Benefit Adviser).

So what does all of this mean?

Essentially, we all agree that it is crucial to adopt technology for insurance brokers; however, this knowledge alone isn’t translating into practice. The best solution to implementing change is pairing up with the right partners who provide the right amount of support, enabling you to make updates to your infrastructure that you require. And in an increasingly competitive market, the time to commit to new tech is now… or forever hold your peace.

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As a tech vendor who’s been there (David Reid, Ease’s CEO, is a former broker who came up with the all-in-one software platform for Employee Benefits and HR as a solution for his own work) our company makes a commitment to giving our customers the easiest user-experience possible. Check out our tips to getting ahead of Q4 here.

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