Bryte Insurance Company and #YourIIG came together to deliver yet another riveting webinar to the insurance industry. This time around the theme was ‘The broker of the future ‘.
Linroy Peters, Head of Education in IIG introduced the topic and speakers for the day and it was over to them to kick us off.
In today’s world brokers need to be experts in all things insurance taking into account Artificial Intelligence.
As a starting point Christopher Appanah from Bryte invited us to consider the main factors that are forming the degree of Digitalisation in today’s social and business lives.
We looked at the three core components involved, which are Digital maturity levels, Customer experience and Analytics.
Some points to note would be that with the Digital Broker of the future, organisations with higher level of Digital maturity can respond more accurately to ensure data quality and integration .
Secondly, Customer experience is a critical factor, customers require more personalised approach. “How does your digital strategy speak to customer experience?”
Interacting with your client on digital platforms and exceed their expectations was one of the points we picked up on and can be used to set your organisation apart.
Frank Kgwathla from Bryte followed by addressed the AI Radical revolution and the needs of the future customer. He also noted that customers prefer less apps and more portal based contact. Absorption of complexity due to AI and integrated system
Touching on a Data driven Future, Frank spoke about the value of data analytics in underwriting, for the customer, in claims and in the market.
A key take away here was the importance of incorporating data analytics for broker, where focus areas addressing the following where noted: Improve customer service and enhance risk assessment, Awareness of particular patterns lowering claims costs Target emerging trends and risks.
Closings remarks from Frank were that yes, the broker remains critical we need to work on informing and empowering the broker.
Liza Morris from Bryte slowed it down for us “like a good Barry Manilow song” and started us off with where we are regarding our operating environment, looking at factors around Global socio-economic vulnerabilities: Extreme weather, wars, supply chain disruptions, youth uprisings across the globe; stating “our future customers are very unhappy”.
The South African environment and slow economic growth and lack of infrastructure investment.
We further explored the Customer of the future with Liza, who expressed that if you want to be a leader in the future, we need to focus on the doing more than expected. Personalisation and expertise knowledge and solutions is of utmost importance Omni platforms to satisfy all clients and various access preferences
Consumer education: as an industry we need to start utilising big data to be more sustainable to risk in future to grow and add value.
Thank you to Bryte Insurance Company for sponsoring the insights session.
Article written by Lindel Barnard and Jabulile Mtimkulu
