Large commercial brokers face transacting business with multiple carriers and distributors as their greatest technology challenge. In order to differentiate themselves in a competitive marketplace, brokers are seeking improved technology to transform the large commercial broker space.
I attended the Wholesale & Specialty Insurance Association (WSIA) Automation conference this week. WSIA is the 2017 merger of AAMGA and NAPSLO serving the wholesale insurance markets for managing general agents, brokers, and carriers.
Earlier this week, I participated in the Council of Insurance Agents and Brokers’ annual legislative conference in Washington D.C., presenting on the recent trends in InsureTech to the CIO Working Group.
Insurance brokers and specialty/large commercial carriers have long lagged behind other segments when it comes to automating communication. This is the result of the inherent complexity of the market, as well as an ingrained preference for email due to the cultural belief that it is more personal.