Large commercial brokers transacting business with multiple carriers and distributors are seeking to differentiate themselves in a competitive marketplace through improved technology such as artificial intelligenceI, analytics and workflow tools.
In a new report, Business and Technology Trends: Large Commercial Brokers , research and advisory firm Novarica provides an overview of large commercial brokers’ business and technology issues, data about the marketplace, and more than 30 examples of recent technology investments by large commercial brokers.
“Large commercial brokers are investing heavily in business intelligence and analytics to grow their business,” said Chuck Gomez, vice president of Research and Consulting, and co-author of Novarica’s new report. “Some brokers are experimenting with AI and related technologies across the value chain, from customer acquisition to customer service, in part to tie together disparate systems.”
Some findings of the report include:
- Brokers are investing heavily in analytics, business intelligence and, more recently, AI and related technologies. From customer acquisition to customer service, brokers are using any tool possible to profitably grow their business and to provide differentiated customer service.
- Mobile and portals are also important areas for investment. Mobile capabilities and self service are increasingly important. Chatbots and social media are of growing interest in reaching prospects and existing clients.
- Workflow is the number one problem brokers face. The issue of carriers having their own application forms and processes is not a new one, but it is particularly acute for large commercial brokers.