BIBA, alongside Covea and Broker Direct, is developing a ‘dating agency’ type platform to connect emerging insurtech start-ups with brokers. This is a key step by BIBA to support the resilience of the channel, as a number of brokers risk being left behind by the insurtech wave, according to GlobalData Financial Services
Start-ups in the insurance space have represented a threat to traditional brokers, as they revolve around digitalizing the direct route or leveraging technology to offer advice via artificial intelligence – threatening brokers’ USP on advice.
However, there have been examples of how start-ups can revolutionize the broker industry – facilitating the use of digital solutions and providing a blueprint for the evolution of the channel. The tenacity of brokers during the rise of price comparison sites suggests the ability to adapt. Mobile app Brolly is enjoying great success in managing customers’ existing policies and recommending more suited ones, via its AI technology.
The launch of this ‘dating agency’ platform was announced in BIBA’s May 2018 conference, with CEO Steve White stating that its main aim is to bridge the gap between brokers and start-ups. The service will be available to all BIBA members and will help put them in touch with insurtechs looking to partner with brokers.
With brokers gaining a reputation for their lack of innovation, and start-ups surpassing them in this respect, this is a positive, if not slightly overdue, step by BIBA and should help create mutually beneficial partnerships.
To read the GlobalData report on broker servicing and which insurers lead the way click on https://www.globaldata.com/store/report/274005–broker-servicing-which-insurers-lead-the-way/
For more insight and data, visit the GlobalData Report Store (https://www.globaldata.com/store/). Verdict is part of GlobalData Plc.