Insurers are devising ways to improve broker service, but not necessarily for everyone
The insurer data arms race continues to move at a fast pace.
Commercial lines has been slow compared to personal lines, but in the last few years it is catching up.
Insurers are hiring more data scientists than ever - including for commercial distribution.
One of the tasks UK insurers is working on e-trading service triage.
This works by prioritising those brokers on service who deliver better claims records and a higher proportion of their business to the insurer.
Brokers at the top of their game will get quicker service and added perks.
Brokers and MGAs
The e-trading triage idea has been around for a few years, but it is gathering pace as insurers look for ever more imaginative ways to improve electronic efficiency.
This means brokers will have to continue investing and thinking carefully about risk management.
The smart insurers realise they have to become more efficient.
They know that they are about to witness a new generation of MGAs using machine learning, artificial intelligence and data capture to offer superior service on targeted lines.
It is telling that in the Insurance Times Five Star surveys, brokers rated MGAs as maintaining service standards during the pandemic, as opposed to insurers where there was widespread deterioration in standards.
It is then up to the insurers to raise their game, and the smarter ones are doing it.
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