By Matt Kenyon
This morning we were joined by David Varley, Chief High Net Worth Officer at Sun Life, Dale Hansen, CEO at Austbrokers Coast to Coast and Laurence Thiery, Head of Financial Services at AWS, on our latest webinar to tackle the question of “End or Renaissance?” for brokers. We discussed the evolving role of brokers in the APAC market in light of the pandemic, the advantages of strong technological engagement, and cooperation with disruptors.
Here’s what we learnt:
Technology isn’t out to take business away from brokers, but to facilitate new business and heighten market expertise. Dale Hansen emphasised that corporate governance can be strengthened by a model in which technology is utilised effectively. To thrive in this new reality, brokers need to understand what technology they can use to automate menial tasks and focus on their core business.
Insurtechs, likewise, can supplement and modernise existing structures. Laurence Thiery noted that the open APIs and platform agnosticism of the insurtech sector opens the door to partnerships and acquisitions. Incumbent insurers and brokers need to reframe their approach to insurtechs from being disruptors to solution providers, and cooperate with insurtechs.
Brokers need to add value at every part of the chain to build the continual case for their business. As it stands, many clients approach insurance without fully understanding whether they need an insurer or a broker. Where there are highly bespoke products with high premiums, there will be a need for brokers – but it is through strong customer engagement that brokers can understand both their client expectations and the broader market.
Brokers can be a vital bridge between complex regulatory frameworks and the post-pandemic world. Face-to-face business is impossible at the moment, and may not fully return. This reality presents an opportunity for brokers to help customers understand a shifting regulatory environment. Brokers should leverage emergent technologies and highly specialised knowledge to approach an increasingly digitised APAC insurance marketplace.
Look out for an in-depth report on the expertise shared by our thought-leaders tomorrow.
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Matt Kenyon is a content producer at Insurtech Insights.
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