Broker Fest: a broker’s survival guide to the 2020’s


Authored by Insurercore

One of the biggest issues facing the insurance market today is the rise of technology and the concerns that the digital era will decimate our industry as we know it.

The role of the broker is at the top of the list for careers that may no longer exist in the future. It has been said many times before that the industry is rapidly changing and only those who can evolve will survive. So, will this be an evolution or a revolution? And what steps will need to be taken for brokers to fully embrace technology and avoid extinction?

The secret behind successfully navigating your way through the new digital era is fairly straightforward. It may not be a straight line that takes you to the end destination of a fully-digitalized industry but there is no need to be fearful of this brave new world.

Here are three top tips for brokers attending Broker Fest who want to embrace technology:

  • Don’t run away from technology – like it or not it is the future
  • Learn as much as you can – don’t get left behind
  • Listen to your millennials – they may know more than you think

The Insurance Times survey ‘The Digital Broker’ found that one of the top three challenges facing brokers is the ability to remain competitive. These are: increased expectation from cost-conscious clients, increased use of online comparison sites and broker start-ups with a digital infrastructure. What the broker market needs is a digital platform that solves the age-old problem of finding the right market for the right risk that is efficient and cost effective.

If this comes to pass, this evolutionary digital platform will eradicate the traditional time-consuming channels brokers have used for finding the right market through networking and contacts. While the market has moved away from writing risk on the back of table napkins, there is still a lack of rigour in the way risk is placed. And so here we are looking for a solution.

This year’s Broker Fest theme is focused on helping “brokers do better business.”  It is now essential that brokers embrace the technology available so that they remain relevant and competitive.

Brokers are at the very heart of the Insurercore model. Built as a hybrid between a social network and a risk appetite directory, the platform allows participants to expand their network to meet multiple needs – risk appetite, capacity needs and technology requirements. Members of Insurercore are able to find the right market and the perfect underwriter for their risk by filtering their search based on criteria and appetite for risk. Insurercore is committed to developing a platform that will meet brokers’ changing requirements and, in addition, Insurercore has partnered with BIBA and will tailor the platform to meet their members’ needs.

Insurercore will be attending the 2020 Broker Fest.

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