Digitization in Broker business

Digital solutions will increasingly help insurance brokers to do their job. This is the message delivered by the “BCA Press Dialogue 2018”, which took place this year in Frankfurt am Main. New technologies will help brokers to meet the growing demands of customers. However, this also requires all consultants to remain open to the benefits of digitalisation.

Adopt the customer’s perspective

Above all, the conference highlighted the difference in perceptions between the provider and the customer. Brokers do not always have a true picture of client priorities. For example, they significantly overestimate the importance of personal advice. Today’s customer increasingly relies on digital tools to give him a transparent overview of financial products. This includes, for example, being able to monitor the level of retirement provision available after the conclusion of an insurance contract.

New technologies facilitate 24/7 services

This aspect of different perceptions was particularly emphasised by Professor Bernd Ankenbrand in his “Mind the Gap!” study. Among other things, this expert proposed a modern technological network between brokers and their customers to strengthen customer satisfaction. For example, digitalisation of services enables customers to view documents, data and information around the clock.

Combining expertise and digitization

The best prospects for the future lie in combining the personal expertise of the consultant with the opportunities presented by digitalisation. Home pages, a presence on social media portals, and the provision of digital tools with customer-friendly functions are all ideal for this purpose. However, at this year’s press conference presenting the slogan “Customer Journey 2032: Simple, connected and context-focused”, it became clear just how important brokers are as professionals. New technologies will not make the human advisor redundant. The expert status of a consultant well versed in the financial field is indispensable, because no app can completely replace the nuanced expertise of a good financial broker.

This article was first published on LinkedIn.