Brokers should not restrict themselves to collaborating with just one tech provider – insurtech chief commercial officer says its ability to ‘play nicely’ with other software firms can benefit brokers
Insurtech Recorder is striving to provide independent and commercial brokers’ customers ”with a uniquely different experience” through the use of its artificial intelligence (AI) driven broker management platform, according to Matt Hicks, the business’ co-founder and chief commercial officer.
The firm’s commercial broking centred platform was unveiled at this year’s Biba Conference, held on 15 and 16 May 2024.
Comprising of a small business portal, a broker relational database and insurer-broker relationship information, the AI platform has been designed to help UK insurance firms accelerate their digital transformation and showcase “a competitive edge”.
For Hicks, brokers are “always looking for new ways to stand out from the competition in a world of increasing consolidation” – this includes providing ”their customers with a uniquely different experience so they can lean into their ‘white glove approach’.”
He defined a “white glove approach” as treating customers or clients with “extra care”.
Speaking exclusively to Insurance Times, Hicks continued: “We’ve been really pleased with the reaction we’ve had from both brokers and carriers [following the launch of our AI platform].
”We’ve had lots of brokers curious about what we do, who we are and how we can help them, which is great.”
The creation of Recorder’s AI platform followed the launch of its Record Leads product in 2024’s quarter one, which enables brokers to digitally capture risks from clients via a white label platform.
Hicks added: “One of the things that we have been working on from a development perspective is enabling brokers to customise question sets.
“[This skill] gives [brokers] a point of unique differentiation when up against bigger brokers. Giving independent brokers that competitive edge has been a key takeaway for me.”
Playing nicely
What surprised Hicks upon first entering the insurance sector was that many companies he spoke to believed that by using one specific provider, it ruled out collaboration with other firms.
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In contrast, he noted that Recorder ”can play nicely with existing providers” to ”enhance existing [processes]”.
He said: “At Recorder, because we are focused on the front end and digitising the customer journey, we can play nicely with whatever platform [is] being used [by brokers]. We are happy to collaborate with whatever tech provider our client is using.
“Vendors collaborating together to drive better outcomes for customers is a much better way of approaching problems.”
Clean data
Underpinning Recorder’s operations is ”the highest quality of data”, which is “valid and accurate”, Hicks added.
He explained: “Recorder’s mission is to use the highest quality of data throughout the workflow of an insurance broker. If you put in clean data, it’s much easier to then retrieve quotes from the market and process a claim.
“[Clean data] completely mitigates errors and omissions risk and it means that data is hygienic at the top of the funnel.
”Renewal is a natural moment [in] time to refresh data. Our intention at Recorder is to refresh data any time there is a material change in circumstance.”
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