70% of brokers interested in further digitalisation or automation

Aviva-insurance-broker-technology-research
  • 70% of brokers said they would be interested or very interested in further digitalisation or automation
  • Improving customer service was the top reason given (58%) by those showing interest
  • Gaining a competitive advantage (39%) and increasing new business (37%) were other reasons listed
  • Brokers showed a slight preference towards automated rather than in-person underwriting1 but still appear to welcome the human touch where necessary

Brokers are showing an appetite for increased automation and digitialisation in order to better serve their customers and gain a competitive advantage, Aviva research shows.2

More than two-thirds (70%) said they would be interested or very interested in enhancing their operations with digital or automated processes, Aviva’s annual Broker Barometer survey indicates.

Local brokers showed the most interest (76%), with national and regional brokers at 62% and 60% respectively.

Among those expressing an interest, improving customer service (58%) was the most popular reason given, followed by gaining a competitive advantage (39%) and increasing new business (37%).

Other reasons given were finding new market opportunities (27%), remaining competitive (22%) and consolidations (12%).

Brokers were also asked where they would prefer to write most of their business on a scale ranging from fully automated underwriting to in-person underwriting.

A tenth (10%) opted for automated underwriting, while 7% said they would prefer in-person. The vast majority (84%)3 chose a point in between, showing a slight preference for automation, but suggesting brokers still welcome the human touch where necessary.

Restrictions imposed during the Covid pandemic saw a growth in e-trading as more brokers took advantage of digital routes to market, and Aviva has continued to invest in its award-winning digital channels.

The pandemic also highlighted the importance of brokers’ role as risk advisers and digital tools have helped free them up to deliver their expertise.

Maria Crockart, SME Digital Trading and Automation Director at Aviva, said: “Brokers are key to Aviva’s success and when they give us their views, we take notice.

“They are always looking for new and innovative ways to meet customers’ constantly evolving needs and demands, and so are we.

“Customers need the flexibility to make routine changes to their cover when it suits them, quickly and with no fuss. They are already comfortable with using technology in every aspect of their lives, and value the time-saving and convenience it brings.

“Brokers, meanwhile, want digital solutions that reduce or eliminate repetitive tasks, freeing them up to deliver even better class customer service.

“Our Commercial Intelligence Tool (CIT) gives our underwriters access to data and insight, helping them to understand customers better and ensure cover is tailored to their needs. In Fast Trade we have the industry’s top-rated extranet, and are also the number one insurer for service via software house platforms.4

“We have also launched support for brokers who want to self-serve regional complex MTAs via the Aviva Broker Portal and also the capability to lapse and bind regional business.

“Regional brokers continue to be at the heart of our distribution strategy and we’re continuing to invest in our network and in our digital channels to ensure we’re offering market-leading underwriting options while never losing the human touch.”

Authored by Aviva                                                                                                                                                                 

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About Aviva

Aviva Insurance Limited is one of the UK’s leading insurance companies, part of the Aviva group with 34 million customers Worldwide. Aviva Insurance has been in the insurance business for more than 300 years.

In UK commercial, the insurance market remains challenging for insurance brokers and customers, due to the ongoing economic conditions. Aviva Insurance are focusing on improving our processes to ensure Aviva provide commercial customers with insurance cover at an acceptable price. Insurance brokers also recognised our excellent customer service by voting us Insurance Times General Insurer of the Year in 2012, for the second year running. youTalk-insurance sharing Aviva insurance news and video.

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