Artificial Intelligence - July 10 2019
Artificial Intelligence (AI) provides a plethora of business benefits to insurance brokers including a game-changing boost in capabilities and a reduction in operational costs. With shifting customer expectations, new market entrants, and tight margins, traditional business models are being challenged forcing insurance brokers to embrace radical change. By digitizing and standardizing core operations such as policy issuance, administration and claims, brokers can leapfrog the competition, lower operating costs and deliver a better customer experience.
With the rise of the millennial buyer, insurance brokers need to find new ways to sell to audiences that are accustomed to being reached and interacted with very differently. Whether in personal or commercial lines, the millennial generation has tremendous buying power and will soon become the insurance industry’s primary customer. This new buyer expects instant gratification, exceptional customer service and interactions with knowledgeable staff.
So how can brokers cut costs while meeting these new challenges?