THE INSURANCE MARKET IN A DIGITAL AGE!!
’We have always done it this way!', and, ‘it will never change’...that’s what the printers in the print industry (now Multimedia) said. The trading floor at the stock exchange is now a thing of the past. The insurance industry and brokers in particular should be very aware of the implications of this digital age, and how it will impact on their business. A report by the Bank of England suggests 15 million jobs (mainly administrative and clerical) will be lost over the next 10 years due to computerisation.
Successful E-commerce is not about issuing brokers with a disk, offering the same products, utilising the same business model, it is about trading on-line with unique products developed out of a unique business model!
Today’s market is one of Insurers offering the same products, but simply undercutting each other- subject no claims in the last five years, or was that three years, no last five minutes-no actual underwriting involved! ITEX offers unique products at a competitive rates resulting in:-
• Proven retention rate of 99.65%
• 90% reduction in transactional costs during ITEX average policy life-span
• ITEX (proven) average policy lifespan 10.7 years.
What does the future hold for the insurance intermediary? The answer is very simple, more and more compliance. This two page product overview highlights the features of the ITEX underwriting platform and how it enables brokers to achieve regulatory compliance and reduce admin costs.