By: Luke Jones, Published on March 25, 2018 06:46 PM, Last Update on March 25, 2018 03:47 PM
Broker management systems (BMS) are in the spotlight with the first annual Broker Insurance Tech Awards, a joint effort between nationwide broker associations, CSIO, and Aviva Canada.
Wanting to show the valuable work brokers systems do, associations including IBAA, IBAC, IBAM, IBANS, and IBAO teamed with Aviva Canada and CSIO for the awards ceremony.
“In order to truly digitize the broker channel at large, we need brokers and their BMSs to get into the digital game,” said Tom Reid, executive director, digital broker strategy at Aviva Canada. “However, upon looking into the channel through my role with Aviva Canada, I came to realize brokers at large don’t have a great collective sense of what BMSs can do.
“BMS vendors have made significant headway over the past few years, and, in some cases, brokers haven’t been able to take advantage of, or even understand, some of those developments. Together with the broker associations and CSIO, we felt it was important to raise awareness of BMS capabilities and give some exposure to some of the new entrants into the market.”
Among the BMS suppliers evaluated were Tech Canary, Applied Systems, Brokercore Inc, and Power Broker. Customer Software Solutions Inc decided not to be evaluated, but did provide a presentation. The assessor’s scored the suppliers out of 100 and looked into 12 core broker management system areas:
Sales, marketing and customer relationship management
Client self-serve capabilities
Billing and accounting
Reporting, analytics and business intelligence
Conversion from existing BMS
Roadmap development transparency
Tech Canary came away with gold, scoring highest in five out of the 12 areas, followed by Keal Technology with four highest scores.