We have read a lot about robotics, Blockchain, InsTech etc for Insurers and MGAs, but less for the Broker. I have long felt the Broker, especially those in the London market, are yet to find their place in this race to hand everything over to the computer chip. Balancing the personal interaction at the box against the drive for economies of scale through automation leaves the Broker with too many options, the need to invest at levels they haven't been accustomed to for decades and a myriad of technological pathways but no map.
I found this a straightforward article that introduced some new thoughts on the subject but, as always at Morning Data, looking for fresh opportunities to augment the Broker experience in our software led me to investigate some of the ideas raised here.
However, there are also opportunities. Away from personal lines, big data in the commercial space could play a pivotal role in the future of insurance. Businesses will no longer have to painstakingly outline their risk, with brokers collating data from a range of publically available sources, to ease the application process.