The COVID-19 is still there, the economic situation is uncertain and insurance brokers are in difficulties.
A challenge for intermediaries globally - shifting to a digital platform. Few tools are readily available globally. Going digital has many benefits, it enhances, performance, productivity, profitability, and value of the business. Assists in regulatory compliance, GDPR, IDD and KYC. Enhances the customer journey via real time side by side comparisons of benefits, premiums, currency based on the clients’ individual wants, needs and budget requirements. Both regulations and COVID dramatically impacted and accelerated the need to utilize digital platforms. Simply, there is a need to become digital. The alternative - leaving the market, merging, being acquired or becoming digital.
Insurers and Providers face similar challenges when selling direct. Direct advertising, marketing, staffing, customer service and support traditionally offered by intermediaries is expensive to maintain. Intermediaries are part of the value chain and they must follow compliance otherwise the carrier may be liable. If an intermediary is not compliant it is safer to drop them rather than being exposed to the risk, but this reduces revenue, visibility, and retention of clients; and puts additional strain on internal resources.
The LF Finance group "Think Insurtech" as Software publisher decided to offer its multicurrency SaaS platform (individuals/families & corporate software) free of charge to all brokers worldwide and will increase the integration on new PMI & IPMI plans and new partners with API and digital electronic signature to apply online.
We invite brokers to request free access during this period and insurers to contact us to participate in this marketplace to become a new distribution channel to increase business and performance.
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