Last month, Business Agility hosted the latest in a series of successful breakfast briefings. This time around, we focused on how the insurance industry – and brokers in the London market in particular – can take advantage of technology to drive growth, efficiency and innovation. For the purposes of our presentation, we homed in on one application: IBSuite, from Danish company Insurance Business Applications (IBA).
Speaking to an audience mostly comprised of Lloyd’s brokers in the Gherkin’s exclusive Perrier-Jouet dining room, we told the story of one medium-sized wholesale broking firm that adopted the software as part of a push to improve its quote-to-bind process. It succeeded in this and much more besides, eventually taking home a major industry award in innovation for its efforts.
Why modernise the quote-to-bind process?
Although modernisation has long been on the agenda for Lloyd’s and other insurance markets, the sight of brokers carrying all their data in the form of bulging manilla folders is still a common one. Even with concessions to speed like binding authority, the process of getting a quote can be slow and laborious – something that both saps brokers’ productivity and hurts customer service.
Quote-to-bind is the centre of a broking firm’s business. In order to compete in the modern market, a firm like the one whose experiences we described at the breakfast briefing needs to make the whole process faster, more accurate and less resource-intensive. With an online workflow, it can reduce the time it takes to produce and bind a quote, as well as automate tasks that brokers would otherwise have to carry out by hand.
In that sense, technology transformation confers a direct competitive advantage. There are other reasons to modernise too, though:
- It helps a firm meet its compliance objectives. This is exceptionally important in the Lloyd’s market, which prides itself on high standards.
- It creates growth potential, allowing brokers to take on bigger workloads and reducing the burden of training new starters.
- It opens up the opportunity to use data more effectively, leveraging business intelligence to identify market trends and maintain a profitable portfolio of clients.
Why should a broker choose IBSuite?
IBSuite is one of the most exciting IT solutions for the insurance industry on the market at present. Compared to other products in its price range, it’s highly flexible – whereas some solutions effectively require that buyers build their business processes around their functionality, IBSuite can be mapped to existing workflows without much trouble.
A number of other factors also make the software an attractive option for medium-sized broking firms:
- It’s affordable – IBSuite is priced primarily on a software-as-a-service model, so it’s licensed on a per-user per-month basis.
- It’s a hosted system, so organisations don’t need an internal IT resource to manage it.
- It’s fast to deploy: from proof-of-concept to final rollout, an implementation can take just weeks rather than months.
The benefits of faster quote-to-bind
As mentioned above, time is money. A faster quote-to-bind process has a direct impact on a broker’s bottom line. As for the other benefits of modernisation, the firm that presented its case study has to date achieved an almost fourfold increase in its number of clients – the result of time freed up for brokers rather than additional human resource. In the past, a quote might have taken a week to bind, but now it takes mere minutes. Efficiency improvements have created the potential for massive growth.
Additionally, technology transformation provides insurers and brokers with the ability to be more innovative: they can use the data they collect to forecast where the market is going, identify upsell opportunities and ensure that they only accept profitable business.
We’ll continue to run events like this one in the future, on IBSuite and other insurance solutions as well as on SharePoint and intranet design, so be sure to check our website and follow us on Twitter and LinkedIn.« Back to News and Opinion