Tipping point

We have reached a rare moment in our industry when consumers, brokers, technology vendors and carriers can all agree on one thing. We are falling behind in delivering the modern exchange of data needed to satisfy today’s changing consumer digital experience.

The insurance market is facing some hard facts these days. We all know profit margins are thin. Customer expectations are changing in terms of servicing needs, prompting a move to omni-channel engagement. Also, getting anything done as an industry to date has taken too much time and too much money.

Rick Orr Owner, Account Executive Orr Insurance Brokers Inc.

But to be successful, and to ensure that the broker channel distribution model continues to be viable and even thrive, brokers need all of their markets to be involved in raising the bar for data integration up to the next level. On top of this daunting task, it needs to be done quickly, inexpensively, and inclusively so that brokers are truly enabled digitally.

Given this challenging but very solvable mandate, it will be a year full of exciting positive industry evolution, driven by the IBAO’s Roadmap for Broker Digital Enablement. The road map supports an API (Application Programming Interface) tech model.

Read the full article in the Digital Edition of the March 2018 Canadian Underwriter.

Click here to subscribe to Canadian Underwriter, available free to qualified industry professionals.

Rick Orr Owner, Account Executive Orr Insurance Brokers Inc.