Insurtechs 'at the forefront' of improving broker experience

BizCover says the rise of insurtechs has provided brokers with more time and opportunity to connect with clients.

The SME-centric broker platform says concerns that increased automation of the broker industry will lead to a rise in inauthentic services are misplaced.

BizCover for Brokers Head of Product, Channels and Risk Jane Mason instead says automation of administrative tasks allows brokers to prioritise their focus on customers.

“Our role is to streamline broking processes and to empower a broker by providing instant access to multiple markets and to streamline the quote, bind and policy management processes,” Ms Mason said.

“Removing the time-consuming administration from the process allows brokers to get back to broking and focus on advocacy and service.”

BizCover says that despite the automation of some traditional methods, the role of brokers continues to be essential for clients.

Vero’s 2022 SME Insurance Index found that 65% of broker customers reported satisfaction with their claims, outranking direct buyers who reported a 42% satisfaction rate.

As consumers seek not only an effective service but one that is responsive, BizCover says the advent of new technologies allows brokers to deliver on client demands.

“Customers are demanding fast turnaround along with high service levels,” Ms Mason said.

“Brokers now have the advantage of providing prospective clients with expert advice and service while utilising technology to provide faster turnaround and having the benefit of a more efficient process.”

Ms Mason says insurtechs like BizCover for Business provide an essential tool in accelerating brokers’ operations by offering access to an automated database of insurance products.

“Our modern solution removes time-consuming manual processes,” Ms Mason said. “Brokers can now quote, compare and bind eight insurance products from up to six leading insurer partners across 6000 occupations with single data entry.”

She says that the industry should welcome the emergence of insurtechs and encourages every broker to incorporate them as part of their practices.

“Broking is all about being human at its core. Insurtechs promote this quality by removing the administration and supporting the broker in their role of advocacy and service.”