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The Rise of Tech: Will Intermediaries Become Obsolete?

By June 5, 2024No Comments

[This article was generated by Meta AI and has been edited by the Surer team for clarity, readability and context.]

As technology advances at lightning speed, the insurance industry is undergoing a significant transformation. With the emergence of insurtech, many wonder if technology will replace insurance intermediaries. Will they become obsolete in the digital age?

Technology: The Great Enabler

Technology has revolutionised the insurance landscape, offering unprecedented efficiency, accuracy, and accessibility. Digital platforms, AI-powered tools, and data analytics have streamlined processes, reduced costs, and enhanced customer experience. Online portals enable customers to purchase policies, manage claims, and access information with ease.

  • 74% of insurance customers use digital channels to interact with their insurers (Source: Accenture)
  • The global insurtech market is projected to reach $15.6 billion by 2025, growing at a CAGR of 48.8% (Source: Grand View Research)

However, technology is not a replacement for human expertise and personal touch. Intermediaries offer value beyond mere policy sales including:

  • Complex advice and risk assessment
  • Personalised solutions and tailored guidance
  • Emotional support during claims and crises
  • Human intuition and industry insight

The Role of Intermediaries Evolves

Rather than replacing intermediaries, technology will augment their roles. Intermediaries will focus on high-value tasks, leveraging technology to:

  • Enhance customer engagement
  • Streamline administrative tasks
  • Access data-driven insights
  • Expand product offerings

Staying Relevant in a Tech-Driven World

To remain relevant, intermediaries must adapt and upskill:

  • Embrace digital tools and platforms
  • Develop data analysis and interpretation skills
  • Focus on customer experience and relationships
  • Collaborate with insurtech innovators
  • Continuously update industry knowledge

Intermediaries can leverage technology to:

  • Automate routine tasks (67% of tasks can be automated, according to McKinsey)
  • Enhance customer communication (95% of customers prefer personalised offers, according to Salesforce)
  • Access advanced data analytics (data analytics can reduce claims processing time by 90%, according to KPMG)
  • Offer personalised solutions (personalised policies can increase customer satisfaction by 25%, according to Deloitte)

Technology will not replace insurance intermediaries but will enhance their capabilities. Intermediaries who embrace innovation, develop new skills, and focus on customer needs will thrive in this evolving landscape. The future of insurance is a harmonious blend of technology and human expertise.

Intermediaries should not fear the rise of tech but embrace it.

You are the heart of the insurance industry, and your expertise and personal touch are invaluable. By leveraging technology, you’ll become more efficient, effective, and customer-centric!

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