For decades, commercial insurance organizations have been looking for ways to create efficiencies across multi-party transactions involving carriers, brokers and insureds. While significant advances in technology have made it feasible to integrate various industry participants seamlessly, there has been a lack of singular vision and a common architectural approach to make those strides.
The Integrated Broker Operating Model emphasizes the role of external and internal talent and technology accelerators that drive various workflows across the policy lifecycle in an efficient and transparent manner. It leverages the capabilities of specialized technology and operations support providers to enable digitization and straight-through processing and accelerate time-to-market.
By employing technological levers, brokers, carriers and policyholders can experience agile processes, improved user experience, and a culture of transparency and trust, resulting in significant benefits for all parties.