In modern society, technology affects every aspect of everyday life. The commercial insurance field is no different, and commercial insurance brokers often find themselves having to stay up-to-date with technological advancements and disruptions in their area of expertise. While the field remains by and large a traditionally-minded one, with most of its business still taking place ‘offline’ and face to face, some of these new technologies actually are disruptive, and could actively help commercial insurance brokers, whether by simplifying their jobs, allowing them to perform better, or simply opening up new and previously unexplored possibilities.
An example of a technology which, were it to exist, would actively help the insurance sector would be a virtual marketplace, that is to say, a platform to help proudly independent commercial insurance brokers, such as Watson-Laurie, advertise themselves and pitch their services to customers. Such a resource would constitute a great way for these types of offices to inform, talk to and potentially acquire new customers, while still maintaining their face-to-face approach to customer service and insurance brokerage.
By providing services such as quote comparison and giving customers the ability to rate, review or recommend their independent office of choice, such a platform could significantly help the decision process for customers torn between several commercial insurance brokers and unsure of the advantages and disadvantages of each one. In addition, this type of resource could potentially help commercial insurance brokers expand their area of influence, perhaps reaching potential customers in other regions of their country of operation which may not have normally been aware of their existence, and thereby expanding their client list.
It is clear to see, then, that an integrated ‘marketplace’ for independent commercial insurance brokers could be extremely beneficial to the sector as a whole. This type of practice is already common in other fields, such as haulage, and commercial insurance might benefit from adopting it.