Progressive insurance broking is alive and well – is there insurance software to match?
As some may know, we’ve been running a series of seminars over the last few weeks to insurance brokers up and down the UK. Attendance has been tremendous and we have received some really positive feedback about the Quotall insurance system. It has also confirmed for me that there’s a lot of top talent out there keen to learn and leverage insurance software for e-Trading.
One of the key messages from our seminars is that ‘customers are moving online‘.
According to the Boston Consulting Group (BCG), the internet contributes to 8.3% of the UK economy – a far larger share than for any of the other G20 major countries. The “internet economy” was worth £121bn in 2010, making it bigger than the healthcare, construction or education sectors.
They predict it will continue to expand at a rate of 11% per year for the next four years, a faster rate than the US and China, reaching a total value of £221bn by 2016.
The UK also carries out far more retail online than any other major economy. Some 13.5% of all purchases were done over the internet in 2010, according to BCG, and this is this is projected to rise to 23% by 2016.
We have already seen the phenomenon re-shape the personal insurance market, with 90% of Motor insurance shoppers, and 80% of Home insurance shoppers using online comparison sites to get quotes. It is also taking root in the commercial insurance market too.
So, what does this mean for insurance brokers?
One of my favourite business quotes is from Sir Terry Leahy, the ex-CEO of Tesco. His advice for businesses was to:
‘tie your strategy to the customer and they’ll take you where you need to go‘.
It’s great advice.
Progressive brokers, like those we have met at our seminars, are already figuring out how to marry the online customer with the broker service.
I’m optimistic about the digital future for brokers. I reckon the future looks bright.