Broker 2035 – looking to the future
“If you’re going to be selling a business today, the purchaser doesn’t want to be dealing with legacy systems, or have to pick through spreadsheets and data – how you do transform and transition that? “That’s why the next decade is hugely important for every single broker out there – you’ve got to make sure you’re set up to be successful in 10 years’ time, or have successfully sold your business for the optimal price within the next 10 years.”
No matter how well advanced any business is today from a technology and AI perspective, the reality is that they’re likely still in the early stages of what’s possible – and having a key focus on what the role of a broker could look like in a decade from now is key. “What we’ll see is more and more emphasis on some of the key aspects of the role today – which most brokers are doing, albeit to varying degrees,” says Klipin. “For example, that complex risk advisory and management, guiding clients through those intricate and evolving risks, is going to be critically important – as is the ability to analyse complex data insights, and being able to proactively advise clients on risk. Of course, that’s complemented by the empathetic relationship building – because, in an increasingly digitised and transactional world, human connection’s going to be a difference maker.” Of course, many people reading this may have one eye on retirement within the next decade – however if that is the case, and you’re thinking ‘it won’t affect me’, you may want to read on.
Whichever path you take, technology is fundamental to both of those outcomes.
Key tips for brokers 1. Invest in digital tools and ensure you’re using platforms insurers are providing, too. 2. Look for tasks you can automate or streamline. 3. Seek opportunities to upskill your teams to build on their digital fluency. 4. Focus on the skills that will be valuable in a decade – and put plans in place to build constantly on them. 5. Understand what buyers are looking for from a tech perspective, even if you’re planning on selling your business.
“The generational shift is huge,” says Doran.
“Historically, it hasn’t been that impactful, as people came in and did the same thing as people had done 10 or 20 years ago. Today, it’s different.
46 A NIBA Brokers’ Guide: to leveraging technology in insurance
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