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How to future-proof the broking sector

At a glance

  • Zurich’s Future of Broking initiative, in association with Insurance Age, explores the challenges affecting the broker channel
  • Attracting talent and embracing new technology will be critical in the years ahead
  • Our video and whitepaper shares the thoughts of brokers and industry experts on how to future- proof the broking sector

Our Future of Broking initiative endeavours to understand the attitudes, perceptions and challenges affecting brokers now and in the future.

With Brokers, we examined a wide range of issues affecting the industry, including attracting new talent, professional development and the role of technology.

The future of broking: What the industry says

“Brokers are having to embrace technological advances and make sure they are at the forefront of what’s available,” Michael Blaney, Managing Director, Autoline.

“We have got to be innovative. We’ve got to look at what’s out there, for example the Amazon business model, and consider how we could make that work to satisfy clients’ needs,” Lisa Powis, CEO, Fresh Insurance.

“Brokers have to be proactive and look at different channels to approach clients, including social media. Brokers have to look at tomorrow’s audience, rather than today’s,” Daniel Kinlan, Client Service Adviser, AON.

Our video summarises the key points, with recommendations from brokers ranging from graduates to managing directors on how the broking channel can be future-proofed. Their recommendations are to:

  1. Sell the industry. Explain to potential entrants why insurance is a great industry to work in.
  2. Offer stimulating work for young brokers, with clearly defined routes to progression and support towards their personal and professional development, such as the CII.
  3. Communicate your value and create a demand for professional sellers of insurance.
  4. Look at how to combine cutting edge technology while maintaining that personal touch that is so crucial to the broker model.
  5. Consider tomorrow’s customer, not just today’s, and explore different communication and distribution channels that will better serve their needs.
  6. Empower young brokers to use their initiative and demonstrate what they can accomplish.

For more guidance on future proofing the broking sector, read our latest whitepaper which concludes the discussions from our roundtable.

For more information on how to manage this and other risks, please contact your local Zurich Account Executive.

Image © Getty

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