Modernising Insurance Through eTrading

Thursday welcomed Scotland’s inaugural eBroking event to Glasgow, highlighting technological advances in the insurance industry and encouraging brokers to harness online trading.

Brokers Direct has a keen interest in technology, but feel the insurance industry is lagging behind. It was with much intrigue we attended eBroking, which hosted a panel debate on modernising insurance and live demonstrations from leading service providers.

Our conclusion? Brokers are expending energy in the wrong area. All of the discussion centred around improving the quoting experience for the broker, but what about the consumer? If we are to compete with aggregator sites and direct insurers, we better offer an online quotation system which is painless to use, meaning anybody can use it.

Although not an ideal situation, brokers can always receive training with the software they choose to use for transacting business. Consumers, however, don’t have that option. Nor should they. The focus should be on creating a service designed for customer satisfaction; instant quotes, user accounts with purchased policies / claims history etc.

Ideally, there should be better products bridging the gap between broker and consumer.