In focus: Are you digitally able and willing?

From mobile apps that can be downloaded by customers and employees, to back office integration with partner insurers, brokers need a single system that is built on modern architecture and offers flexibility and scalability.

Single system for all business functions

Dan McDonald, commercial director at Everett Mead, says the firm works with Applied Systems.

He explains: “From an internal perspective it really is a one-stop shop.

“We can create the policy on there, it is integrated with the back-office system, we can create direct debits and credit card payments and it is all controlled by the one system.

“We do not use any external browsers or third-party suppliers to create a policy or action a payment or a direct debit.”

Joe Sultana, managing director at Applied Systems UK, says the company has sought to bring a fresh perspective to broker management systems.

He comments: “A lot of development in broker IT has traditionally gone into back office systems and management.

“That is important, and we have done that, but we have also put a lot of focus on how to reach out to their perspective customers and how we can help brokers improve their digital proposition in regard to what consumers expect.”

Mobile apps

This means, for example, creating mobile apps for customers to download.

There are also apps designed for employees to enable them to work remotely from mobile devices.

Sultana adds: “What we can do is provide an employee with access to their clients and prospects and all their data via an app – they can add prospects on the go, they can create activities that will sync with the office system and they can pass activities and tasks to other members of staff to keep things moving.”

Single system

The point is that brokers must connect with customers and insurers through a single system.

They need to have a single view of their data, and be able to access it using whatever desktop, laptop or mobile device they want.

They also need to have a system that is not simply adding to existing legacy issues and storing up problems for the future.

What we have seen in the past is that the reporting is often looking back at how you have performed, rather than looking forward and examining how you are trending and what the forecast is like

Joe Sultana

Forward looking management information

An integral aspect of modern broking systems is the management information they produce. The nature of this information is changing, according to Sultana.

“What we have seen in the past is that the reporting is often looking back at how you have performed, rather than looking forward and examining how you are trending and what the forecast is like,” he says.

By forecasting future performance, it allows brokers to assess everything from personnel levels to training and to make better strategic decisions about where they are heading as a business.

The management information is available to all business stakeholders and McDonald explains: “We get it for ourselves, our ARs, the customers’ side, claims, the retention rate.

“It allows us to benchmark where we are as well as plot a more effective way forward.”

He adds: “It was an area that I maybe took for granted initially, but it is something that I use every single day now.”

Strategic

William Cooper, managing director at Stanhope Cooper, agrees about the strategic importance of the management information created by Applied Systems.

“It helps us understand how the business is changing and where we are renewing business quickly and potentially upselling to clients,” he comments.

“Based on the analysis, we can then start thinking about where we are going in the future.”

He says the insight gained from the management information has been central to a move into private medical and protection from January next year.

Structure

Well-structured, well-managed and well-used digital systems have the power to improve internal working capabilities and increase the level of service and choice available to customers.

They also let brokers understand their evolving operations at a more detailed level and better forecast future performance.

The technology is available – it is now a matter of how willing companies are to adopt it.

I looked at the potential return on investment… Whether it is social media, LinkedIn, mailshots, pay per click, or search engine optimisation, it is more cost effective

William Cooper

A new approach for a new environment

Smaller brokers have a chance to respond quickly to changing market dynamics and place themselves at the head of the digital charge.

But they must act.

A fitting example of this willingness is the way Cooper has evolved his marketing strategy.

He explains: “Typically there would be one business development person going out, and doing the networking, lunching and dining activities that are traditional with that role.

“But I looked at that model and saw it as being very hit and miss. So, we have taken that salary and deployed it for a digital marketing person.

He continues: “I looked at the potential return on investment and the reliability of their work and how we were getting leads, and it made sense. Whether it is social media, LinkedIn, mailshots, pay per click, or search engine optimisation, it is more cost effective.”

Are you using your finite resources in a way that maximises their potential return?