The last decade saw a significant shift in the insurance landscape as a result of technological disruptions. Compelled to move away from the traditional business ways, brokers are adopting technologies to digitize and automate their processes necessary to provide personalized customer experience. Digitalization is helping brokers converse with the clients through mobile apps directly. Insurance companies are increasingly adopting broker management solutions to help brokers stay updated and use technologies to increase their productivity. Using these technologies, brokers are now able to build business strategies that can meet growing customer demands and manage compliance requirements. They can also provide advice clients on insurance policies that meet their needs.
To improve risk management, brokers are continuously adopting technologies like telematics, big data, and social networking. Big Data analytics is one of the key investment areas for insurers who are aiming to capture and gain more insights into their customers while stepping up cloud developments for tighter collaboration with agencies and brokers. Additionally, it can also help them locate their target audience and plan strategies to engage with them. Acknowledging the growing influence of mobile devices, the solutions are developed with a mobile-friendly framework and is easily accessible through smartphones to provide better customer engagement. Besides these technologies, IoT, cloud, machine learning are helping agencies deal with the upcoming challenges.
On the other hand, the solutions allow them to manage customer management, treaty management, and account management parallelly. Also gaining market adoption is the use of integrated, third party commercial proposals and policy management systems. Some of the areas of integration with the broker management system that can deliver some real value include electronic mail, digital cameras, network-based faxing solutions, and website connections.
The present market is swayed with several broker management solution providers making it an uphill task for brokers to choose the best among the lot. To help organizations find the best financial technology solutions that fit their business needs, in this issue of PropTech Outlook, we present the top 10 broker management solution providers 2020, featuring the best vendors offering broker management technology solutions that aid financial institutions in their processes. The firms featured in this issue have exhibited vast knowledge and in-depth expertise in this space. The listing provides a look into how these solutions deliver value to the organizations.
We bring to you PropTech Outlook’s “Top 10 Broker Management Solution Providers - 2020.”