Real-time data transfer between clients, brokers and insurers already underway
Published: April 19, 2018
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
Technology is having many impact on the insurance industry, both innovative positives and disruptors. One of the potential positives of the digital transformation will be more efficient inter-communications between insurers, brokers, and customers.
Real-time data exchanges is on the horizon according to Pat Durepos of software vendor Keal Technology, who describes real-time data transfers as “the next big things”. He envisions a near future in coming years where brokers, insurance carriers, and consumers can all be connected in real-time.
“So the role of the broker will be, ‘OK, where do I need to intervene in this?’” Durepos told Canadian Underwriter in an interview on Tuesday. “If somebody is simply asking their broker in real-time for a change of address, perhaps the broker will say, ‘I don’t need to intervene’ and that will go right through to the insurer.
“In a more complicated transaction, the broker should be able, within his BMS (broker management system), to say, ‘I am going to stop this transaction’ and pass it on to a broker that is going to in one way, shape or form intervene for the benefit of the consumer and then complete the transaction,” Durepos added.
He said Keal Technology is currently “developing systems that will facilitate the communication between a consumer and the insurer with the support, but also with the control, of the broker.”
As the technology is nascent, it is expected such inter-connectivity of data between brokers, insurance companies and customers is already underway and will expand. “Brokers are already doing some of those in real-time,” Durepos pointed out.
“To me, what’s important is that we make continuous progress in adding lines of business and functionality,” he said. “As long as we continually evolve, the blue sky approach is not going to happen overnight, it’s going to happen piecemeal. If you wanted to throw all the money in the world and all the energy, you could get this within months.”