March 14, 2017
A key takeaway from the 2017 UK Broker Summit was the encouragement of Brokers to leverage opportunities in automation and press software houses to gain benefits from it.
Automation and new development was picked out as an area that had changed pace.
Craig Beattie senior analyst at Celent said, “The insurance industry can still leverage automation... and there is still opportunity within the broker community for it to be used to help improve work flows," said Beattie. "But there comes a time when you can't automate anymore and it takes a human to do something. If you are interested in artificial intelligence I would press you to look at automation."
Beattie further noted that ecosystem and data were not expensive areas for brokers to engage in, adding that firms do not have to be big to make a difference in these areas.
The final three trends were connectivity, sharing economy and smart automation, which uses the brain. These are the seven key trends that are really driving change in the insurance industry and these are very accessible for brokers to tap into with the right partners. "There are lots of opportunities in automation and software houses should be doing more."