The digitization of insurance brokers has reached cruising speed - Trends Information Services

The digitization of insurance brokers has reached cruising speed – Trends Information Services

Insurance brokers want to focus on their core business: advising clients, finding them the right insurance, and delivering excellent service. And in this, digital tools are helping them more and more. But which digital tools are worth checking out? And which are the best on the Belgian market?

Vivium Assurances, part of the P&V Group, organized its third edition of the VIVIUM DIGITAL AWARDS, a competition aimed at providers of digital solutions for brokers on the Belgian market. Their solutions are submitted to an independent jury made up of eminent representatives of the 4 major broker federations, the 3 regional investment companies and the academic world, consultancy and the specialized press. The results of this analysis were unveiled on April 20 at Palais 10 in Brussels.

Digital tools optimize the broker’s offer and advice

In Belgium, the broker represents a growing distribution channel and remains the main person of trust for insurance products. As customers are increasingly demanding in terms of advice, service and accessibility, brokers are looking for digital tools to optimize the operation of their agency and thus always better serve customers. These needs have led to the emergence of insurtech, a niche that has become an ecosystem in its own right. But what is it concretely?

Life insurance: complex and subject to strict regulations

Life insurance and pension savings products are and remain very complex products for which the customer seeks support, advice and information from professional brokers. And this, not only when taking out the insurance, but continuously and sometimes for decades. Given the low interest rates on savings books, the client is demanding even more rigorous monitoring. He no longer sees these products solely as a means of saving capital, but as a source of return. There are many digital solutions that accompany the broker throughout this process, from the analysis of the client’s needs, to the performance study when approaching retirement age. Other insurtechs focus instead on supporting brokers specializing in wealth management, or on compliance with complex legislation.

Damage insurance: in addition to the price, the quality becomes a determining factor

We target home and vehicle insurance, family coverage and a range of business insurance. While the quality of the assurance is essential, it is just as important that it is understandable for the client. When a broker requests offers from different companies, comparing them is not always easy. There are often strong disparities between covers and conditions. Today, artificial intelligence offers great digital possibilities to facilitate these comparisons. If the purchase of insurance remains a key moment, the same goes for service during a claim and prevention. And in these areas, several quality insurtechs are currently offering interesting solutions on the Belgian market.

Contact between broker and client: physical and digital

The third major area addressed by insurtechs concerns thecustomer interaction. In this context, various digital tools facilitate communication between the client and his broker. Consumers expect a digital service from all businesses, from the supermarket to their bank. Due to its complexity and local character, the insurance sector must catch up in this respect. Start-ups and scale-ups that streamline the interaction between broker and client demonstrate the importance of the subject. Their tools allow the client and the broker to easily access information or transmit documents and data.

The Vivium Digital Awards, the “Gault & Millau” of insurtechs!

One thing is certain, insurtechs are booming. How to separate the wheat from the chaff? The Vivium Digital Awards, created in 2019, respond to this concern. Steve Goossens, Chief Digital & Data Office at Vivium: “The Awards were born, on the one hand, from our conviction that the insurance sector had a lot to gain from the digitalization of the different phases of multiple processes. The Awardshow tends to do so each year awareness to the sector. On the other hand, our ambition is to create (apart from show and price) a frame of reference for qualitative, reliable and stable insurtech companies. Our website and our guide bring together the selected companies, by category. Let’s say it’s the Gault & Millau of the insurtech world. It’s of course very practical for the insurance broker looking for digitalization, but also for investors interested in insurtech or even for those who aspire to land a job in this ecosystem.”

The Vivium Digital Awards took place on April 20, 2022 in a packed Palais 10 in Brussels. You will find a video report of the evening and an overview of the selected insurtech companies on www.viviumdigitalawards.be.

Leaders Vivium Digital Awards 2022

The members of the jury and the Leaders of the Vivium Digital Awards 2022

Elected Leader thanks to its solid product proposition, its financial situation, its internal organization and its position on the market.

MyFaro : The life products launch platform offers a dashboard, analysis tools and processes for activating business opportunities.

e-GOR : Interactive platform that supports the broker in the management of his clients’ life insurance and lightens his administrative tasks.

Harmony : The digital safe for life insurance

Louisa : The all-in-one platform for advice, multi-pricing, communication and services in non-life

WIS : An objective and transparent comparison of the terms and conditions of non-life insurance products using AI.]

Penbox : Smart form allowing your customers to more easily send the data and documents necessary for the management of their files.

  • Broker’s Prize (public prize): Who is changing the game in 2022?

Insurance brokers voted overwhelmingly for the Broker Award. Penbox, leader in the Customer Interaction category, won their votes and won the 2022 Broker Award.

Penbox won the Broker Award at the Vivium Digital Awards 2022

Vivium Assurances, part of the P&V Group, organized its third edition of the VIVIUM DIGITAL AWARDS, a competition aimed at providers of digital solutions for brokers on the Belgian market. Their solutions are submitted to an independent jury made up of eminent representatives of the 4 major broker federations, the 3 regional investment companies and the academic world, consultancy and the specialized press. The results of this analysis were unveiled on April 20 at Hall 10 in Brussels. In Belgium, the broker represents a growing distribution channel and remains the main trusted person for insurance products. As customers are increasingly demanding in terms of advice, service and accessibility, brokers are looking for digital tools to optimize the operation of their agency and thus always better serve customers. These needs have led to the emergence of insurtech, a niche that has become an ecosystem in its own right. But what is it concretely? Life insurance: complex and subject to strict regulationsLife insurance and pension savings products are and remain very complex products for which the customer seeks support, advice and information from professional brokers. And this, not only when taking out the insurance, but continuously and sometimes for decades. Given the low interest rates on savings books, the client is demanding even more rigorous monitoring. He no longer sees these products solely as a means of saving capital, but as a source of return. There are many digital solutions that accompany the broker throughout this process, from the analysis of the client’s needs, to the performance study when approaching retirement age. Other insurtechs are more focused on supporting brokers specializing in wealth management, or on complying with complex legislation. P&C insurance: in addition to price, quality is becoming a determining factor We are targeting home and vehicle insurance, family cover and a range of business insurance. While the quality of the assurance is essential, it is just as important that it is understandable for the client. When a broker requests offers from different companies, comparing them is not always easy. There are often strong disparities between covers and conditions. Today, artificial intelligence offers great digital possibilities to facilitate these comparisons. If the purchase of insurance remains a key moment, the same goes for service during a claim and prevention. And in these areas, several quality insurtechs are currently offering interesting solutions on the Belgian market. Contact between broker and client: physical and digitalThe third major area addressed by insurtechs concerns client interaction. In this context, various digital tools facilitate communication between the client and his broker. Consumers expect a digital service from all businesses, from the supermarket to their bank. Due to its complexity and local character, the insurance sector must catch up in this respect. Start-ups and scale-ups that streamline the interaction between broker and client demonstrate the importance of the subject. Their tools allow the client and the broker to easily access information or transmit documents and data. One thing is certain, insurtechs are booming. How to separate the wheat from the chaff? The Vivium Digital Awards, created in 2019, respond to this concern. Steve Goossens, Chief Digital & Data Office at Vivium: “The Awards were born, on the one hand, from our conviction that the insurance sector had a lot to gain from the digitalization of the different phases of multiple processes. to make the sector aware of it. On the other hand, our ambition is to create (apart from show and price) a frame of reference for qualitative, reliable and stable insurtech companies. Our website and our guide bring together companies selected, by category. Let’s say it’s the Gault & Millau of the insurtech world. This is of course very practical for the insurance broker looking for digitalization, but also for investors interested in insurtech or even for those who aspire to land a job in this ecosystem.” Leaders Vivium Digital Awards 2022Elected Leader thanks to its solid product proposition, its financial situation, its internal organization and its position on the market.MyFaro: The launch platform for life products offers a dashboard, analysis tools and processes for activating business opportunities.e-GOR: Interactive platform that supports the broker in managing insurance lives of its customers and lightens its administrative tasks.Harmoney: The digital safe for life insurance Louise: The all-in-one platform for advice, multi-pricing, communication and non-life services WIS: An objective comparison and transparency of the general conditions of non-life insurance products thanks to AI.]Penbox: Smart form allowing your customers to more easily send the data and documents necessary for the management of their files.Insurance brokers have voted overwhelmingly for the Broker Award. Penbox, leader in the Customer Interaction category, won their votes and won the 2022 Broker Award.

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