The use of InsurTech has become increasingly prevalent in the marine insurance industry. Despite this, there is a large percentage of marine insurance brokers that have yet to embrace InsurTech. This can be detrimental to their business, as it can lead to inefficiencies, decreased customer satisfaction, and a decrease in profits.
What is InsurTech?
Insurtech is a term used to describe the use of technology to improve the insurance industry. This includes the use of analytics, AI, insurance management software, and other digital technologies to modernize insurance processes and services.
What Percentage of Marine Insurance Brokers Don't Use InsurTech?
It is estimated that approximately 50% of marine insurance brokers still do not use any form of InsurTech. This is a surprisingly high figure, considering the numerous benefits that InsurTech offers. Even as we speak, there may be brokerages that still use spreadsheets, pen and paper, or whiteboards to track their clients. Not good.
Why Is Not Utilizing InsurTech Bad?
Not utilizing InsurTech can be bad for marine brokers for a number of reasons. Firstly, it can lead to a decrease in efficiency, as the manual processes that are used instead of InsurTech are often slow and laborious. This can result in a decrease in customer satisfaction and a decrease in profits.
Furthermore, not implementing InsurTech solutions can also lead to a lack of visibility into the customer's needs. This can result in brokers missing out on potential opportunities to provide better services and products to their customers.
Additionally, not utilizing a technological system can also lead to a lack of data-driven insights. Without this information, it can be difficult for insurance brokers to make informed decisions. This can lead to suboptimal outcomes and a decrease in profitability.
Finally, electing not to use InsurTech, in some form or other, can also lead to a decrease in security. Without the proper security measures in place, brokers can be vulnerable to cyberattacks, which can lead to data loss and financial losses.
How Can Marine Insurance Brokers Overcome This?
The best way for marine brokers to overcome this issue is to embrace InsurTech. By utilizing the latest technologies, such as artificial intelligence, machine learning, and insurance management systems. Especially management solutions that are designed specifically for the marine insurance industry can provide a competitive edge and increase their efficiency, customer satisfaction, and profits.
In addition, insurance brokers should also consider partnering with InsurTech companies in order to gain access to the latest technologies and insights. This can help them stay ahead of the competition and ensure that they provide their customers with the best possible services and products.
In conclusion, it is clear that there is a high percentage of marine insurance brokers that do not use InsurTech. This can be detrimental to their business, as it can lead to inefficiencies, decreased customer satisfaction and a decrease in profits. The best way for marine insurance brokers to overcome this issue is to embrace InsurTech and partner with InsurTech companies, like CaptaIMS, in order to gain access to the latest technologies and insights.