Winners of the BIBA Hackathon this year were the Grey team, who took up the challenge of fine-tuning the data flow between insurer and broker.
Now that communication channel should be easy street in theory, but in reality both insurers and underwriters have a hundred things to deal with each day, and so do brokers, who are at the coal face actually selling insurance products.
The key things that brokers need to know from insurers vary, and anything that can be done to speed up search enquiries, or make brokers aware of rate changes, new regulations etc in particular niches, can often mean the difference between making a sale, or losing a disppointed customer.
The Grey team had staff from Laka, Aon, Konsileo, Towergate and Marmalade on board and feedback from BIBA suggested the final judging was a tough decision between the three teams in the final.
Supercharging broker data sounds like a David Brent style buzzword phrase, but the reality is that the UK insurance industry needs to make sure every link in the chain works perfectly, each time someone searches for a quote online, or picks up the phone. Having the genuinely useful bits of data flowing fast, rather than an avalanche of potentially interesting data simply being tipped over people’s heads, is the crucial difference.
The brokers and insurers who fail to learn this lesson, are likely to fail, full stop.