Insurers and their broker partners have long had to put up with slow manual processes to generate and underwrite business. But today’s independent brokers and agents are looking for automated digital experiences to help them manage customer expectations and sell more effectively. They are more likely to choose insurers based on how well they help them sell and how easy they are to work with.
For an insurer to be a preferred supplier, it needs to give brokers digital access to products that can be tailored to customers’ needs and quoted in real time. Automating submission intake and responses, and strong broker- underwriter communications are also key. Digital capabilities shared between the insurer and its distribution partners must make it easier for new and renewal business to be efficiently underwritten at scale — whether it’s automatically bound by a broker or rapidly reviewed and approved by a human underwriter.
Insurers’ ability to stay competitive — whether in SME commercial, specialty, or more complex personal lines — now depends on having the right digital infrastructure to drive these experiences.