How broker systems and extranets can be improved to enhance eTrading experience

Brokers use broker management systems and extranets when it comes to eTrading because of their “ease of use” – but more can be done to improve both systems.

That was according to Simon De Ferry, head of insurance products at  Acturis, who said there were “a lot of things” that can be worked on, such as the comparative journey, during the Insurance Times eTrading webinar last week (19 July 2023).

For example, he highlighted that a key focus for the software house was improving the clarity of comparisons, claiming there can be “inconsistencies in the data” that will show up on a comparison screen.

While he said this was not a problem on extranets when dealing with one specific insurer, “it very much does become a problem when you are tackling a whole panel”.

De Ferry added that the ability to change question sets quickly was another “huge area of focus”.

“There is a lot of things we can work on to try and give brokers a better experience of going through that (eTrading) journey,” he said.

Digitalisation

The webinar came following the launch of Insurance Times’ 2023 Five Star Rating Report: eTrading.

Over 750 brokers across the UK came forward to rate and assess the performance of insurer extranet platforms, broker management systems and the broker experience of trading with an insurer via a software house platform as part of the survey.

During the webinar, David Haddock, head of digital insurer partnerships at Ardonagh Advisory, said both broker management systems and extranets were about “increasing the digitisation of insurance”.

He added this was the “big picture” and felt that using software houses for solutions was the most “efficient” way to achieve digitalisation.

“[There are] interesting things to keep an eye on moving forward,” he said.

”I can see both solutions being there, one way or the other.”

To view the webinar, click here.