By: Luke Jones, Published on December 29, 2017 01:14 PM, Last Update on December 31, 2017 10:15 AM
Brokers have been the target of external criticism for the insurance industry not adapting to changes quickly enough. However, RSA Canada president and CEO, Martin Thompson, says it is “unfair to point the finger at brokers.”
Thompson argues the insurance industry as a whole has been too complacent in terms of evolving to meet changes. As a result, companies have been allowed to offer “fairly mediocre service declines” without getting much criticism.
“The only way the industry’s going to be successful is if we reach a common standard with regards to technology,” said Thompson. “There’s nothing to be served from us all going to war with each other and trying to develop individual technology strategies. If we all run off and do our own thing, then we’re going to make the job of brokers incredibly difficult and complex.”
Insurance is often compared negatively to other industries over the way it has been slower to adopt technology. Other industries are already deep into evolution and insurance companies are increasingly forced to find ways to catch up. Thompson says companies must find methods to be more rapid in evolving with technological changes.
“I honestly don’t think technology itself is going to be the thing that differentiates us in the future because it will soon become standard and off-the-shelf,” he added.
“What we do around technology is going to be the important thing. What kind of experience are we going to build and how well do we understand our customers and use data to our advantage? That’s what’s going to make the difference.”