Digital Innovation Is an Insurance Necessity. Here’s What Brokers and Agents Need to Know
Insurance is an age-old industry, both a benefit and a necessity for the clients it serves. Its longevity has given insurance carriers the dedication, knowledge and deep roots to find solutions for the risks present today. But in order to keep up with changing times, insurance must continue to find ways to improve and adapt.
In today’s world, that means digital innovation.
Personal auto and home are already ahead of the curve, adopting digital tools that are designed for use at the swipe of an app. In recent years, commercial lines carriers have been developing similar tools; primarily focused on leveraging innovation in digital to deliver real time decision making into the hands of brokers and agents.
“When we start thinking about the commercial insurance landscape, what we see is that the majority of commercial insurance is still processed and transacted in a manner that has not changed or been disrupted for the past 80 years,” said Prateek Sangal, head of digital strategy at AmTrust Financial Services.
With the advent of Insurtech, he added, “this outside-in force has shown us that we really need to disrupt the way we manufacture, underwrite, and bring these products to market with the goal of creating efficiencies throughout the commercial insurance value chain.”
The industry is moving towards this efficiency, he posits, and it won’t be long before commercial carriers have a firm grasp on the digital age. The industry has an acute understanding and knows it needs to evolve and adopt these digital tools. Commercial carriers, however, are at different stages of the digital information journey.
AmTrust leads the way with innovative digital experiences that allow our partners and broker community to quote, bind and manage policies in real-time. Our data-driven approach and digital intelligence help create a full suite of digital capabilities supporting the entire life cycle of workers’ comp customers.
Here’s a deeper look at how digital innovation is impacting the industry and how partnering with a carrier well versed in digital innovation can go a long way in creating seamless insurance experiences.
To learn more about AmTrust, please visit their website.