How should insurers and MGAs respond as AI reshapes broker and policyholder expectations?

Cameron Scott
VP, Sales & Marketing | ISI

Transcript

We’re seeing the demands of insurers to be ever increasing, especially based on the news of constant AI advancement. I see it falling into four different categories: speed, transparency, self-service, and consistency.

Insurers are looking for faster quotes and faster decisions. They’re looking for transparency around the status of their underwriting, around the communication throughout the policy lifecycle.

Ideally, they can have self-service capabilities where they can access some of that information themselves and get real-time responses.

And consistency, having the same experience across various channels, whether they’re engaged through the broker, direct, or through an MGA partner, we would like a consistent experience, look and feel, and access to the information.

So we’re seeing carriers prioritize omni-channel distribution capabilities, offer modern platforms that allow for straight-through processing or quote-bind issue through the portal. And certainly that provides real-time access.

And finally, a flexible core platform behind it all. As the expectations of the market are constantly changing, having something that is configurable and enables transformation constantly is critical.