With #InsurTech becoming increasingly involved in the market, one of the big questions is what will the future role of the Broker be?
With customers constantly demanding more for less, and expecting insurance to be more transparent and transacted faster, Insurers are looking to capitalise on the opportunities digital distribution offers.
Does this leave the Broker out in the cold...?
Brokers in the future will be expected to "increase cross-selling and sell more profitable products, improve advisory skills in relation to complex products and enhance sales interaction with customers across multiple channels". Of the respondents 50% expect that their agents, in three years' time, will be able to use digital and social media effectively for marketing, prospecting and lead qualification. Insurers are re-evaluating their remuneration packages to drive these changes with 44% in the process of restructuring their compensation and a further 35% in discussion about it.