As the digital revolution continues to redefine our world, the insurance industry – like any other – operates in a space that is constantly changing. Given both the opportunities and dangers a digitally reliant world provides, it is now more important than ever to work with insurance brokers.

The days when it could be seriously suggested that it is better to ‘cut out the middle man’ and manage your own insurance are long gone. Here are three reasons why.

Technology and innovation

Digital technology is having a big impact on the way brokers and insurers conduct their business. Some elements of the transactional side of brokering have more automation than before, allowing for more control in developing insurance programs for clients.

Nowadays brokers are also able to communicate with time poor clients in many different ways, choosing what is most appropriate for that client. This might be phone calls, video calls, emails, SMS, face-to-face, webcam chats or a number of other modes of communication.

The digital threat

Any great technological revolution has its downsides, the existence of hackers and viruses being a major one for the internet.

We have previously written about why you need Cyber Business Interruption (CBI) insurance for your business, and also suggested things you can do to protect yourself from online threats. Recently hackers behind the global ransomeware attack infected 300,000 computers worldwide, many belonging to companies.

With more CBI claims being processed than ever before, it is highly important that you employ the services of brokers to process claims for you. Good brokers are advocates for their clients, ensuring claims get through. We are also best placed to help you determine the level of cover required, so you can make informed decisions and remain properly protected.

A new era of collaboration

Insurance companies are now able to analyse customer data with great depth and insight, and a range of new or relatively new tools. Insurers use predictive analytics to examine insights about customers. Some of these insights are then shared with brokers, and we in turn share them with our customers.

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