The technology train

I have noted a step change in the quality and presentation of brokers' websites in the last six months (if you want to see a particularly impressive one try knowldentitlow.co.uk), which shows that brokers are prepared to invest heavily in external-facing as well as internal technology systems.

This month's Focus on technology (pp.21-26) examines some of the myriad options available to brokers now realising that any business plan needs to include a comprehensive assessment of their technology capabilities. Despite being a dry subject, the good news is that software houses have been adapting to trends such as aggregators, transacting commercial business online and developing robust storage and business continuity systems. All software houses claim that using their products can help cut costs and improve efficiency and often they can, although you have to pay them regular charges for the privilege. Luckily for brokers, many of the software houses advertising their wares to brokers are experts in the insurance broking field and can work alongside intermediaries to develop products suited to their specific requirements. Another possibility is for brokers to grow their own in-house team and develop a bespoke platform; this could even be sold to other brokers.

Despite brokers' attempts to keep abreast of developments, there is still significant room for improvement. A survey conducted by Callstream suggests that 83% of personal lines brokers have no options for customers to be put through to claims out of hours and, during the working day, 16% of traditional calls ring out or hit an engaged tone.

Technology is not just about collecting data and sourcing quotes and claims, it is also about harnessing the potential of the 24/7 world in which your business can interact with clients whatever time it is.