By: Luke Jones, Published on October 10, 2017 06:29 PM, Last Update on October 29, 2017 03:31 PM
While Canadian brokers and insurance companies have been slow to adopt digitization, the move to technology is now on the rise. However, the Center for Study of Insurance Operations (CSIO) says the industry is only now getting started and much more can be done.
Progress has been made, but CSIO points out 11% of Canadian brokers still don’t have a website. Of the 89% with a web base, only 54% have their website optimized for mobile use. These are startling considering how long websites and mobile technology have been available, and how popular both are.
Digital delivery and communication is now something customers expect and even demand, says CSIO president and CEO Catherine Smola. The path to the digital realm must start now and tools exist to make the transition easy:
“Brokers looking to digitize their business should start small. Don’t grab at everything and try to implement a total digital solution all at once,” Smola told Insurance Business. “My three key recommendations to brokers would be to ensure they’re using a secure email protocol, ensure their website is mobile-optimized and look at integrating an e-signature solution.
Artificial intelligence (AI) and chatbots are the in-thing at the moment, but brokers should make sure they’ve got the basics in place first. Sometimes brokers get fixated with upcoming, innovative technology, when there are lots of products already available that have been tried and tested, are inexpensive, and could really improve the customer experience.”
eDocs are now standard across Canada, but insurance companies were sporadic in how quick they adopted them. With eDocs, brokers and carriers are able to manage policies in the digital space, making policy exchange smoother and more efficient.
CSIO is also pushing for an industry-wide solution that would allow customers to have a digital policy, including pink slip confirmations.
“Adopting simple technology like CSIO’s digital document solution would benefit brokers and consumers. It’s a win-win,” she concluded. Release of the solution is expected during the first months of 2018.