To thrive today in a time of digital transformation, brokers must seriously consider their technology options and develop a digital transformation plan. It’s no longer viable to remain un-automated and consumers expect mobile and self-service technology during all interactions. To become a digital brokerage, a business must have a digital transformation plan and the five capabilities in place to support digital strategies.

1. The Digital Brokerage:
Developing a Digital Transformation Plan

2. The Digital Brokerage: Developing a Digital Transformation Plan 2
Rapid digital transformation
is reshaping insurance.
Digital technology has
created a different kind
of insurance customer:
One who expects
on-demand self-service
anytime, anywhere,
from any device.

3. The Digital Brokerage: Developing a Digital Transformation Plan 3
A new competitive landscape
and changing consumer
preferences require new
business strategies.
To grow and thrive during
the digital transformation
of the insurance industry,
brokerages need to become
digital.

4. The Digital Brokerage: Developing a Digital Transformation Plan 4
A digital brokerage is
built on 5 pillars that work
cohesively and provide
automated capabilities.

5. The Digital Brokerage: Developing a Digital Transformation Plan 5
The 5 pillars enable digital
brokerages to:
>> Operate more efficiently
>> Make more informed
business decisions
>> Build better insurer relationships
>> Improve customer service
>> Accelerate growth and profitability

6. The Digital Brokerage: Developing a Digital Transformation Plan 6
A Foundational Brokerage
Management System
>> A centralized brokerage management
system that all other digital brokerage
capabilities rely on
>> A single source of the truth and core
hub for all prospect, customer policy and
financial data across all lines of business
>> Offers sales automation to cross- and up-
sell, and automated insurer connectivity
to effectively write new business

7. The Digital Brokerage: Developing a Digital Transformation Plan 7
Data Analytics
Transforming vast amounts of big data
into visual insights.
>> Enables brokers to find new revenue
opportunities, enhance customer service
and improve operational efficiencies
>> Provides new insights to strengthen
client relationships, manage employee
productivity more precisely and create
more profitable insurer relationships
>> Not just for insurers; brokerages can and
should exploit big data to their advantage

8. The Digital Brokerage: Developing a Digital Transformation Plan 8
Insurer Connectivity
Automated data exchange between
brokers and insurers.
>> The ability to provide advice, product
range, insurer choice and localized
personal service relies on effectively
working with multiple insurers
>> Critical to enhancing the core value
proposition of the independent broker

9. The Digital Brokerage: Developing a Digital Transformation Plan 9
Mobility
Anytime access to insurance information
from mobile devices.
>> Provides consumers anytime access to
insurance information from any device
and keeps brokers connected to the
office while on the go
>> Enables straight-through processing
at the moment a request or transaction
is made
>> For both millennials and Generation Z
consumers, mobile access to information
and online service is very important
when choosing a provider

10. The Digital Brokerage: Developing a Digital Transformation Plan 10
The Cloud
Moving core software applications to
offsite data centres.
>> Enables improved performance, flexibility
and security, safeguarding data and
providing better customer service
>> Provides agility, meaning an brokerage
can scale up via organic or acquisitive
growth or scale down seamlessly when a
book of business needs to be sold
>> Reduces hardware and IT resource
investments and eliminates manual
software updates

11. The Digital Brokerage: Developing a Digital Transformation Plan 11
To grow and thrive in a time
of digital transformation,
insurance brokers must
develop a plan.
Remaining un-automated is
no longer viable; consumers
expect mobile and self-
service technology.

12. The Digital Brokerage: Developing a Digital Transformation Plan 12
Brokerages must have
a digital transformation
plan and the 5 pillars
in place to support
digital strategies.
5 digital capabilities are
key to continued success
and sustainability in the
digital future of insurance.

13. The Digital Brokerage: Developing a Digital Transformation Plan 13
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