Commercial Lines: How do Brokers Ensure They Own this Space?

Commercial Lines: How do Brokers Own this Space?

Moderator: Rick Rass, ConsultantKevin Campbell, Policy WorksBrian Bartosh, Top o’ MichiganKathy Curran, EconomicalSteve Kaukinen, Insurance Technology

Solutions Inc.Tom Reid, Aviva CanadaTracy Maynard, Youngs Insurance

How do brokers ensure they own this space?

Understand your customers businessMake it easy Create an educated business consumer Produce a quote quickly and bind the accountOffer products that meet the customer’s needsSimplify the processCompetitive price...but driven by process,

automation and analytics

Commercial Insurance Analytics

Committing to Automation in the UK market

Polaris = CSIOiMarket data hub that validates and facilitates

integrationFour major CMS vendors with 99% broker adoption

committed to standards and real-time interfaceInsurer specific validation and question setAdopted by all major UK insurers Quote, new business and renewal


Committing to Automation in Canada

• 2500 to 3000 brokers in Canada: 500 have a CMS• Full CMS capabilities and workflows not being

utilized• Prospect data not entered in a BMS/CMS• Risk and rate detail not captured or analyzed• Using Excel/Word templates makes data difficult to

access• Increased cost and time to quote• Portals and call centres with a higher expense ratio


Why Automate?

• Efficiency gains• Better service• Better coverage for your clients • Analytics as a negotiating tool• Complete submissions• CSIO standards provide ability to upload/download or real

time data integration• Create a prospect database


What does Automation get you

AnalyticsProducer / CSR performance

• Who is successfully quoting and binding...what kind of business and where

Insurer performance• Which markets have the highest conversion rates

by class and geography...know where you will be successful

Client coverage and rate history• Track client coverage, limits and rate • leverage rate data with insurers to negotiate better

terms


A few questions for brokers....

• Who has a Commercial Management system?• Who insists all prospect and client data is in the CMS? • Who captures risk and rate detail? For new business

and renewals?• Who leverages that data to:

• Track coverage and rating history• Track employee performance• Track insurer performance

• Who has asked their carriers for historical conversion rates by industry class or code?

• If not, why not?


Commercial Lines Panel Questions

1. How are customer expectations changing? 2. What are the opportunities for brokers in the

Commercial space and how can they capitalize on them?

3. What do you see as emerging threats for brokers in the Commercial Lines space and how can they respond?

4. How is technology helping brokers today and what challenges remain?

5. What technologies/developments are showing promise?

Commercial Lines: How do Brokers Own this Space?

Moderator: Rick Rass, ConsultantKevin Campbell, Policy WorksBrian Bartosh, Top o’ MichiganKathy Curran, EconomicalSteve Kaukinen, Insurance Technology Solutions Inc.Tom Reid, Aviva CanadaTracy Maynard, Youngs Insurance

Small Business & Entrepreneurship

Commercial Lines: How do Brokers Ensure They Own this Space?