Brokers have been playing a key role in the insurance value chain since time in memorial though at times unappreciated. In this digital era with InsurTech and the various modes of online distributions, brokers seems further challenged. Some have been talking of disintermediation for almost 30 years now. The time has come in 2020 with a Perfect Vision for Brokers to stand up to the challenge to re-asset their vital role in the insurance value chain to even show how brokers are actually driving the insurance business.
This is a reality check and not a Pollyanna pipe dream. Hence at this 8th Asia Insurance Brokers Summit we shall embrace this theme and look at the basic strategic core value that brokers bring to the whole value chain: helping to identify the risks; getting the risks assessed; looking at risk management perspectives; searching covers for these risks and getting insurers to think of new products and services to meet these needs and lastly to make sure the price is affordable.
Brokers are ready to embrace technology and its tools such as AI, IoT, data and analytics and automation to drive business efficiencies. They are ready to redefining traditional broking business process to go beyond just price. Tech also allows brokers to better understand customer behaviour, establish a clear view of their risk profiles and deliver a personalised experience.
So the time is ripe now for Brokers to stand tall and assert their true value in insurance even as they fight to retain dominance in the distribution. Go beyond analogue mode, cut through the InsurTech hype to be the best you can be. It is not just about the day to day to challenge of rising customer demands, pressure on commissions, competition as reinsurers entering the market directly, skills gap and legacy processes. This is the vision the 8th Brokers Summit offers.
A brave new Smart Broker with a leadership role and meat in the business and ready to work with insurers as partners beyond just commissions. This is the critical moment: Brokers have a choice – to be disrupted or be the disruptor.