Brokers and Emerging Technologies
Brokers are adopting new business strategies to meet the challenges of the rapidly changing insurance industry. To succeed, these strategies must capitalize on the powerful technology trends that will drive this change. Correctly many brokers identified that these trends are vital. Many insurance brokers are having a rough time. They’re being buffeted by a wave of highly disruptive business trends that are fast eroding their traditional markets.
Brokers throughout the world are facing rising customer expectations; growing disintermediation as carriers and insurance newcomers woo purchasers; changing risk mitigation requirements; increasing competition from rivals using sophisticated data analytics; and a surge in alliances between insurers and smart tech firms.
Brokers will need to do more than just select the appropriate digital technologies. They must also identify the technology trends that will best support their new business strategies.
Earthquake Preparedness Alert for Brokers
Earthquake Preparedness Alert is a new comer in the insurance industry. It is an alert for a high-risk seismic activities which propose the best time to purchase new insurance earthquake is embedded in it, or extending coverage of the current policy.
Earthquake Preparedness Alert an Emerging Technology
Receiving an Earthquake Preparedness Alert, brokers know when is the best time to start earthquake insurance campaigns to sell more policies and even closing the gap between insureds and uninsured residents. Also, as in some countries, earthquake insurance is embedded within fire policies, brokers can sell more of both of them in the limited specified time-frame that probability of a major earthquake is highly increased. Traction is completely depends on the campaign characteristics, but we’ve been witnessed up to 20% of user impressions ended with visiting online brokers website to make a price comparison. This remarkable user engagement arose hopes of having a higher user conversion rates for brokers.
Well Known Risk Takers
Tackle your risks with our solutions to the big players. We propose enterprise companies as well as SMEs and individualizes the best time to purchase a new earthquake policy or extending the current coverage to make it inexpensive.
Currently, Japan, New Zealand, Greece, Turkey, Caribbean, Chile, Ecuador, Taiwan, Romania, Indonesia, California are the regions, which Munich Re accepts their risks. In addition, South Africa, Oklahoma and Utah are subject to further work.
In the regions that Earling issues Earthquake Preparedness Alerts, Japan, New Zealand, Caribbean, Chile, Ecuador, Taiwan, Indonesia and US (California, Utah) are undercover by Swiss Re to take the risks.
How we can help?
In general, Earling has a global seismic monitoring network and specialists that are subject matter experts. Regarding the challenges mentioned above, Earling is been able to deliver support.
- In the pressure on profitability, performance management and key performance indicator settings.
- In the entrance of parametric insurance markets and issuing alternative products, Earling can deliver independent advice by our global resources.
- To keep control on the impact of catastrophic events, Earling can assist in optimizing, validating on Cat and reinsurance programs modelling.