Staying Competitive? Brokers Want New Tech & Mindset, says Survey

Brokers point to technology, “proactive” training and openness to change as the foundation for continued competitiveness.

The majority of brokers—69%–are bracing for a battle for market share as new players  arrive on the insurance scene, according to findings from a French Group/ Keal Technology’ broker survey. Over three-quarters of the respondents (75%) said embracing change and training more proactive staff would keep them competitive, while 64% said new technology investments would give them an edge.

The survey of Keal clients sought their views on current industry issues, including carrier relations and distribution changes.

“Fresh” leadership wanted

Most brokers—84%–seek “fresh” leadership thinking when it comes to broker-carrier relations, and 64% said that distribution changes had affected their business results. They cite revenue and probability decreases as they  try to keep up with technology and meet consumer demands.

“Managing change is not easy but critical for a business to evolve and
improve,” said Pat Duprepos, president of Keal Technology, in announcing the findings at the 2010 P&C Insurance Technology Conference in Toronto.  “One of my guiding principles is determining how decisions at Keal will impact my brokerage. We then have the unique ability to put our theories to the test within a live brokerage to evaluate the impact for our clients prior to release.”

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