IconAccounting & Tax
IconAppraisers & Valuers
IconArbitration Services
IconAssessors & Loss Adjusters
IconAssist and Lifestyle Benefits
IconAssociations & Institutes
IconBBBEE Consulting and Verification Agencies
IconBroker Acquisition Financing
IconBrokers for Brokers
IconBusiness Process Management
IconBusiness Process Outsourcing
IconCall Centre Outsourcing & Sales
IconCompany Secretarial Services
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconDefensive Driver Training
IconEducation and Training
IconEmergency Medical Rescue
IconFire, Storm, Flood Damage Specialists
IconForensic Investigation Services
IconHuman Resources
IconIndustrial Cleaners
IconInformation Technology and Software Partners
IconInsurance Companies
IconLightning Damage & Surge Protection Specialists
IconNiche Insurance Products
IconOutbound Sales
IconOutsourcing Companies
IconPolicy Administration
IconPremium Financing
IconPublic Loss Adjustors
IconRating Agencies
IconReference Books & Material
IconRegulatory Authorities
IconRisk Finance
IconRisk Management
IconRisk Surveyors
IconSalvage Operators
IconSpecialized Claims Investigations & Assessing
IconSurveys and Research
IconTraining Courses & Workshops
IconUnderwriting Managers
IconVehicle Accident Management
IconVehicle and Household Risk Inspection Services
IconVehicle Tracking
IconWellness Programs
IconWholesale Brokers
  Subscribe To »

Redefining the role of the broker in a digital age






Technology, data, cultural and behavioural change of the consumer is transforming the role of the broker – and the importance of advice – in South Africa’s intermediary insurance market.


Soul Abraham, Old Mutual Insure’s newly appointed Chief Executive for Retail Insurance examines the fascinating disruption of the intermediary market and its implications for dramatically improved customer service in the fourth industrial revolution.


Remote control


In today’s digital era customers expect instant and ubiquitous service and this is driving innovation within the global insurance industry. Insurers are leveraging technology and data to roll our previously undreamed off capabilities. These innovations are also redefining the broker’s capability to give advice to customers and significantly improve the customer experience.


Long before the COVID-19 lockdown, understanding the customers’ behaviour has been key to building the technology solutions and products of the future. Emerging customer culture is redefining the structure, priorities and capabilities of the insurance industry. COVID-19 has only increased the pressure – and urgency – for the industry to deploy technology and data to support customer challenges and goals – remotely.


Advice in the digital era


Changing customer needs and behaviours has led to a substantial part of the personal lines market shifting to direct insurers over the past decade. This trend speaks to the evolving expectations of customers over the last decade.


Millennials, for example, operate, and acquire assets very differently to previous generations. Younger customers today have a much more shared-economy and omnichannel mindset. These customers generally prefer to use a broad range of digital platforms to understand risk or research the cover they will need - even though they may, for example, still want to pick up a phone to ask questions or conclude the transaction.


From the perspective of the intermediary this means that insurers need to be able to make brokers relevant from an omnichannel perspective. In other words, millennials still need broker advice but require this in a differently accessible and digitally delivered format.


The availability of data today means that that the intermediated market can, today, be as data savvy and agile as other parts of the insurance sector.


Old Mutual Insure’s experience


Back office decision making at Old Mutual Insure, for example, has sped up dramatically over the years and most routine decisions have become data-driven and almost instant. Half of Old Mutual Insure’s Personal Lines broker transactions are now hosted on its digital platform where brokers manage their customers’ policies. Also, almost 50% of Old Mutual customers/brokers today register their own claims digitally. The next step in the journey will be to continue to evolve our processes as customer behaviour evolves.


Since insurance has always been an information game, those able to use the right data the most effectively will build a sustainable proposition.


The new data capability available to and through brokers is seeing a huge growth in commercial and agricultural small and medium enterprise portfolios. Since commercial cover is complex, advice is extremely important to business owners operating in today’s complex trading environments. The opportunity to serve and advise this much more tech-savvy segment through multi-media omnichannel, presents a huge opportunity to leverage broker insight into the risk industry’s collective service ecosystem.


Old Mutual Insure is doing all in its power to keep brokers on board and up to speed so that the role of the intermediary – and their vast knowledge, advice and client insight – remain integral to the greatly enhanced and much more interconnected risk ecosystem of the fourth industrial revolution.


Soul Abraham is Old Mutual Insure’s Chief Executive for Retail Insurance

Source: Old Mutual Insure
« Back to previous page Print this page » |

Breaking News »

The Implications Of Overloaded Vehicles On Your Insurance Policy

Overloading – it’s a common occurrence on our roads. If we don’t drive past an overloaded bus, taxi or truck, then we read about another horrific accident caused by one. Hundreds of passengers ...
Read More »


Supporting Brokers In Optimising The Claims Experience Of Their Clients.

TANSA is a team of dedicated professional Attorneys, Forensic accountants, Disaster Claims Experts and Insurance Specialists focused on Insurance Claims & Dispute Resolution. Their mission is to support ...
Read More »


Premium collections now available through Brolink

Brolink has entered the premium collection market. Says the company’s CEO, Howard John, “After a very successful pilot programme, and working through a number of legislative issues that ...
Read More »


Scott Sayce appointed Global Head of Cyber at Allianz Global Corporate & Specialty

Scott Sayce to join AGCS in September 2021 in a dual leadership role for AGCS’s cyber underwriting business and the Cyber Center of Competence for Allianz Group He succeeds Catharina Richter who will transfer ...
Read More »


More News »


Healthcare »


Investment »


Life »


Retirement »


From The Glossary »


Preference Shares:

Used to describe shares ranking in some way ahead of the ordinary shares either for payment of dividends or for capital liquidation. A class of share capital that receives a fixed rate of return.
More Definitions »






Contact IG


Media Pack


RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2021. All Rights Reserved.