Could software boost revenue, or is it all about efficiency? SSP's Adrian Coupland discusses all with Paul Lucas, Managing Editor from Insurance Business.
“Adrian, a lot of brokers are notorious for being quite traditional, and perhaps they haven’t engaged with broker management software in the past. What are the advantages to doing so?”
“The benefit of having an integrated broker system is that you can trade all of your business, whether it’s personal lines or commercial lines, all in one place. Software houses do a lot of the legwork for you in terms of getting hold of good competitive products. [It] cuts down a lot of inefficiencies of trading, keeps your people working [and] engaging with customers [and] gives you a single view of your customers and accounts and what’s important to you.”
“Compliance is a big issue now as well isn’t it? So, how can it help in that area?”
“Compliance is a very, very hot topic. The last two to three years have been very busy from a compliance perspective. We’ve had Competition and Markets Authority activity, we’ve had, more recently, the GDPR activity and as the software provider throwing a platform into the market we work very closely with industry bodies to ensure we embrace the changes in regulation and make sure that our platforms are compliant. So we take a lot of the heavy lifting away from our customers so they don’t need to worry about compliance, we actually deal with it for them, basically rolling it into the business processes they use and they’re used to using and make it nice and easy for them.”
“So, is using broker management software largely about cost efficiencies or is there a way in which you can boost revenue as well?”
“Both really, I think there is a different answer depending on which part of the market you operate in. Certainly, in personal lines, you have to have a broker software system to be able to trade in the personal lines sector, because insurers generally want to trade on a fully integrated electronic basis, they don’t want to be trading manually. So it’s a pre-requisite really in the personal lines commodity space.
“Commercial lines [is] probably less well adopted, [with] less volume going through on an integrated basis, but nonetheless a good area of growth from the market perspective in terms of commercial lines e-trading.
“So there are a number of benefits, there is access to products, efficiency, a single way of doing things, but then in addition to that if you use your software properly and you choose a good partner, it can help you grow business [through] cross-pollination of customer bases, marketing, lead generation and things like that.”
“I know you’re fully focused on SSP but obviously you’re not the only broker management software provider out there. What makes you different from the rest?”
“We have been operating for over 20 years, so we really understand the insurance industry – we have a lot of experience. In addition to that we service the entire insurance value chain, so as well as providing broker software, we also provide rating solutions to insurance companies [and] we provide policy administration systems to insurance companies, so we’re not pigeon-holed just into providing software into the broker space. We support the entire insurance value chain, so we understand the market from the risk provider right through down to the policyholder who’s buying the policy.”
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