AI technology investments increasingly commonplace among large insurance brokers

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Big commercial brokers are seeking to stand out from their rivals through high tech enhancements.

AI technology has considerable appeal to large commercial insurance brokers. After all, these firms transact with multiple distributors and carriers and want to stand out. The marketplace is competitive and artificial intelligence, among other cutting edge tech, may make a difference.

Other areas where brokers are differentiating themselves include workflow tools and analytics.

This was among the findings in a new Business and Technology Trends: Large Commercial Brokers report. Novarica issued the report. It offers insight into large commercial broker business issues and tech investments, such as AI technology. Furthermore, it provides marketplace data and over 30 examples of recent tech investments.

Large commercial brokers risk falling behind the competition unless they make significant moves to stay ahead. They are looking to some of the most promising areas of business and technology to differentiate themselves.

Brokers are looking to AI technology for its considerable potential in their field.

“Large commercial brokers are investing heavily in business intelligence and analytics to grow their business,” said Chuck Gomez. Gomez is the Research and Consulting vice president at Novarica. He is also a co-author of the recently released report. “Some brokers are experimenting with AI and related technologies across the value chain, from customer acquisition to customer service, in part to tie together disparate systems.”

Among the report’s findings include:

• Brokers are investing deeply in mobile and portals. Self service and mobile capabilities are rising in importance for consumers. Social media and chat bots are also becoming increasingly vital in connecting with both new and existing clients.
• Brokers’ top challenge is workflow. Carriers have their own processes and application forms. This has always – and continues to be – a hurdle for brokers. Large commercial brokers dealing with many carriers are continually seeking to improve workflow.
• Large commercial broker investments into analytics, business intelligence, AI technology and other related forms of tech. Brokers are seeking tools to build their businesses from customer acquisition through customer service and support. They prioritize differentiating themselves by way of the support they provide.

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