By: Luke Jones, Published on November 2, 2017 03:46 PM, Last Update on November 30, 2017 12:48 PM
Brokers are coming around to technology advances and the days of being flustered by an innovation are long gone, according to Gore Mutual.
Indeed, Canada’s oldest P&C provider says brokers are up to date with digital trends and are helping insurers introduce new products based on technology.
“The way brokers are approaching us has really evolved,” said Lori Bader, senior director of national sales & business development at Gore Mutual. “At first, they were saying, ‘help us understand this new [digital] space,’ but now they’re approaching us for support with new ideas and ways to connect directly and digitally.
“We want to encourage our broker partners to approach us all the time. Our business development team is often out meeting with brokers and asking for feedback, which is where we get a lot of our product suggestions and ideas. Our digital team has a wish list from brokers that we try to fulfill.”
While some brokers were once fearful of digital investment, which usually means direct-to-consumer solutions, Bader believes its digital team has developed digital APIs that give brokers confidence to compete directly with online rivals.
Gore Mutual says it will release around 10 new products from its digital team each year. Ed Nesbitt, director of commercial insurance at the company says Gore is not posing a threat to the broker channel.
“We are doing a lot of work in the digital space but it’s all focused on delivering through the broker channel,” Nesbitt told Insurance Business. “We’re not going direct – we’re focused on the broker distribution model. We collaborate with brokers to do anything we can to help them retain and serve their customers.”