As digital technologies are reshaping the insurance landscape, more companies in the industry are striving to outdo each other by increasingly integrating a multitude of digital channels. The insurance companies have to be quick and responsive to address customer’s concerns and monetize those experiences. With the urgent need to align with the resonating theme of ‘connected experiences,’ the stakes are higher for insurance companies to build stronger bonds with carriers and customers. To that end, digital-savvy insurance companies today deliver personalized experiences to each customer, thanks to the innovative insurance broker management systems (BMS).
From automating claims registration, customer management to business transactions, the modern BMS is catering to the holistic needs in the insurance lifecycle. BMS provides centralized, customer-focused features both on web and mobile platforms with an omnichannel approach. Further, the multi-currency and multilingual support with automated report-generation mechanisms and scalability of the modern BMS enable brokers to cater to the escalating customer base.
The emergence of artificial intelligence and machine learning, additionally, helps insurance companies to concentrate on core business rather than spending time on repetitive tasks. The extremely configurable and flexible suite of functionalities of the BMS enables them to innovate confidently while working with the existing IT investments like ERP and CRM technologies and integrating new technologies. This gives the brokers, carriers, agencies, managing general underwriters (MGUs), and managing general agents (MGAs) the ability to improve insurance product quality, check errors, enhance efficiency, increase sales and enhance customer satisfaction. What’s more? Insurance broker management solutions are leveraging advanced provisions such as telematics, big data, social networking, and service-oriented architecture (SOA) that can deliver enhanced revenue growth and competitive advantage on multiple distribution channels.
At this juncture, there is a wide variety of solution providers entering the industry with a set of advanced and integrated broker management solution offerings. To help companies navigate through the best-of-breed broker management solution providers, Insurance CIO Outlook has compiled a list of the top 10 broker management solution providers. The enlisted organizations are transforming insurance operations and processes at the intersection of various disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Insurance CIO Outlook’s “Top 10 Broker Management Solution Providers – 2020.”
