Red Crake's Ed Pugh tells us why brokers should not be worried about tech disruption.
InsurTech is a buzzword at the moment.
In this series Insurance Age meets those in the insurance tech space and finds out where they think the sector is heading.
Here Ed Pugh, sales and marketing director at Red Crake, shares his thoughts on the growing InsurTech world.
How do you think InsurTech will affect broking in the next five years?
Modern day consumers increasingly want to interact digitally with their insurance providers, using mobile devices.
The great thing about many recent InsurTech developments is that it is making it affordable for brokers to access the technology they need to sell to, interact with and manage their clients digitally.
Should brokers be worried about how InsurTech could disrupt the market?
In a word, no.
In my view InsurTech is levelling the playing field for brokers, particularly those that operate in specialist or niche areas.
There is a huge opportunity for them to embrace. By their nature, brokers are entrepreneurial and innovative and I believe technology such as ours will enable them to quickly turn their product ideas into a revenue generating reality.
How can brokers take advantage of InsurTech?
It's very easy to get caught up in the day-to-day running of your business and not create the time to look at what else is out there and how it can help you generate new lines of business.
Take the time to step back and ask ‘what else can we do, and what technology is out there to support us?'.
What is your company doing in the InsurTech space?
Red Crake's new generation cloud based software is designed to offer a versatile and affordable platform for anyone wanting to launch an online product.
The system supports all general insurance products, the full range of distribution channels and high volume as well as niche product lines.
Insurance Age is currently running the InsurTech Futures campaign to raise awareness of tech in broking and help brokers use it to their best advantage.
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