Some thoughts on platforms and digital broking from Covernet;
Insurers are unintentionally slowing their own digital transformation by relying on generic broker platforms that increase duplication rather than reduce it, according to new research from Covernet.
The survey of insurers and MGAs reveals a fundamental contradiction at the heart of broker digitisation. Although 92% already use or plan to introduce digital platforms for broker business, many of these tools fail to deliver the efficiency they promise.
Re-keying is the standout problem. 68% identify re-keying policies across multiple platforms as the biggest barrier brokers face when using digital portals – almost three times higher than any other challenge. That directly contradicts the self-service ambition these tools are meant to support.
The picture is of a market chasing channel digitisation without fixing the workflow. Despite 39% of insurers having all broker business on digital platforms and another 39% wanting to increase digital adoption, duplication persists and productivity suffers.
Data sharing is similarly misaligned with ambition. While 68% believe enhanced analytics would strengthen broker relationships, 90% share only limited data, and just 5% provide extensive insight via portals. Most platforms therefore fall far short of the analytical value they could deliver.
Crucially, the research points to a more effective solution – niche, configurable portals designed around the specific data needs of each product line, rather than one-size-fits-all broker platforms.
Many specialist schemes require detailed, non-standard information that broking systems are not built to capture. However, this gap can be closed through an integration-led approach.
Standardised data can be captured directly in the broker’s own system, and when additional or more complex information is required, an API call can surface a dedicated niche portal within the broker journey. Brokers can then continue the quote within that portal, gathering the richer data underwriters need for accurate pricing, referrals and risk assessment.
Once the transaction is completed, the niche portal can push the necessary data straight back into the broker’s system via API. This eliminates re-keying, ensures brokers retain a single view of their MI and customer life-cycle, and gives underwriters the freedom to innovate at pace with flexible, configurable products supported by richer datasets. Rather than competing with broker platforms, niche portals enhance them, delivering the depth and agility that generic systems cannot achieve.
Jim Campbell, Chief Commercial Officer at Covernet, said:
“The solution isn’t another generic broker platform that can’t capture the data underwriters actually need. It’s niche, configurable portals that integrate via API, surface the right data at the right point in the journey, and remove duplication for brokers.
“The goal is straightforward. Remove admin, not add it. By building API-first, enabling straight-through journeys where appropriate, and returning meaningful data and insight back to brokers, insurers get adoption because they’re genuinely saving time and improving service.”
The findings suggest too many insurers have prioritised channel over process, leaving brokers to overcome the shortcomings.
With 25% citing user interface problems and 29% highlighting limited functionality, the priority must now be thoughtful, integration-led portal development built around broker workflow and underwriting needs. The research makes clear that the answer is not to force all business through a single generic platform, but to embrace API-connected niche portals that capture the specialist data required for underwriting accuracy, eliminate duplication, and sustain a universal broker view of their customers.
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