Risks are constantly changing, so education is important. To succeed, brokers
must be experts in new and evolving
fields such as cyber threats, environmental impairment, reputational risk, and
complex terrorist attacks. Customers are
increasingly hungry for advice in these
areas, and seek an informed broker to
work closely with them to help gain an
understanding of how these new perils
may pose a threat. They want protection
for their businesses through tailored, targeted, inclusive solutions.
As risks continue to develop and
evolve, so too must insurance solutions.
First, we must understand the modern
risk landscape and learn to assess it with
confidence. Then we can adapt our business models and the products to deliver
the benefits to clients. Brokers must be
willing to be proactive, and embrace the
There is, of course, a key place for technology in this new business strategy.
Brokers can and must leverage the most
advanced technologies to best inform
their risk management advice. They
must fully understand their clients in
order to create tailored solutions that
fit their risk profiles, which probably
means harnessing advanced analytical
technology to peer deeply into their clients’ businesses. Nowadays, customers
increasingly look for speed, ease and
convenience in their business transactions. The balance of power has shifted
towards them. They want insurance and
to purchase it in a manner that suits
their preferences. Therefore we must
ensure that our technology can be embedded into existing policy administration systems.
Commercial brokers have always
struggled against competitive forces and
survived. Now a new threat, the tech-
nology disruptors, has already gained an
edge by harnessing big data and deploy-
ing analytics. Brokers must take steps to
deliver innovation in this critical area.
They should adopt technology to capture
and analyze large volumes of data, and
create methods to structure and opera-
tionalize it into the quantifiable insights
that clients and insurers demand. All of
that means we must invest significantly in
technology, and embrace it, rather than
viewing it as a threat.
The transformation of traditional business models is driven by social changes
that are fuelling the shift to increased
consumer power. The uptake of mobile
and online technology has caused a major change in customer expectations.
Brokers must embrace this change as an
opportunity. We have to offer clients what
they want, in a way that best suits them.
We must adopt new business strategies to
stay ahead of the curve. We all must focus
on expanding innovation strategies, and
continue investigating, adopting and de-
ploying new technologies.
In order to stay relevant in the era of digital shifts, we must evolve. We don’t need
to revolutionize the way we trade, we
need to change the mechanisms. Companies already offer insights, skills, services,
and a human ability to judge and analyze
which cannot be replaced by competitors
grounded only in technology.
Insurers have strong, established customer
and market relationships. Their goal is to give
clients what they now need and rightly want:
a comprehensive, informed, twenty-first
century risk consulting service, which delivers the best possible solutions every time. Do
that, and our future is secure.
José Manuel Dias da Fonseca
( firstname.lastname@example.org) is the CEO
In order to stay relevant in the era
of digital shifts, we must evolve.