Convergence between insurance distribution and large technological companies, reduction of errors and increase in the role of intermediaries are the three main forecasts that the president of the General Council and partner of Grupo Galilea, Javier Barberá, stated today at the International Congress on Digitalization and Insurance, held at the University of Oviedo.
During his speech at the first round table, Barberá summarized in six points the technological trends that, in his opinion, will affect mediation in the coming years:
- "Mediators are not going anywhere anytime soon. They will remain a central part of insurance distribution and companies will continue to work with them rather than build direct distribution systems of their own."
- "The role of technology in insurance brokerage will continue to grow. Companies and brokers will be increasingly interconnected to be able to deliver real-time information and make policies and contracts online".
- "We will see a convergence between insurance distribution and large technology companies. It's a trend that is already manifesting itself today. One example is Amazon already offering its insurance broker service in the UK. This situation could lead to ecosystems that combine the digital capabilities of big tech and the industry knowledge that mediators have to create powerful insurance brokerage platforms."
- "Digital experiences. While more and more users are willing to buy standard insurance online and expect fast and sometimes contactless service, intermediaries have the unbeatable weapon: advising them to find the right products. To do this, it will be critical to focus on creating engaging digital experiences that build customer loyalty."
- "One of the big benefits for brokers will continue to be error reduction by reducing manual and repetitive tasks that are prone to human error; improving data collection from different sources; and eliminating the need for double data entry where possible."
- "The customer will avoid going to brokerages and agencies unless absolutely necessary. He doesn't feel like coming to the Mediator's offices and having to fill out a lot of paperwork. A needs analysis or underwriting questionnaire can be done from the comfort of the customer's own home and, when the time is right, they will sit down with a trusted advisor to learn more about the ins and outs of the insurance policy."
Good future for mediation
Javier Barberá is optimistic about the future. "From the Mediator Associations we see a bright future if we adapt with planning and constancy. Digital transformation is the top priority. Without this attitude, knowledge, regulatory compliance and customer relations will not count for much as users opt for more agile startups and large technological competitors that offer a better experience and more value"
Source: SegurosNews