Each filtering bag partners Technology companies must provide tools and procedures that help brokers overcome, adapt and coexist with new technological scenarios.
The premiere of a new year offers a very appropriate scenario to analyze which are the main challenges facing markets in their enormous variety and within their respective contexts. Undoubtedly, addressing the perspectives of the sector and, specifically, doing so from the perspective of professional mediation, brokers and management software for insurance brokers, lends itself to putting on the table different issues that come from previous years. And it is that this 2019 will be a continuity exercise where very similar challenges will be managed to those widely known that 2018 left running.
On the one hand, the current scenario starts from an outstanding situation of regulation of the sector, where it will be necessary to see how certain requirements are achieved as well as coexisting with the applicable regulatory scope, mainly by the transposition of the new Distribution Directive (IDD). The future Law of Distribution of Insurance aims to collect the various novelties required by this Directive and will raise some important issues that are already known, with the purpose of establishing conditions of fair competition between the different distribution channels and that, first of all, Increase consumer protection.
There is another type of regulation that affects the insurance market, and it is related to data protection. Undoubtedly, it is generating a very broad interest among all the actors involved and affected, pending to see what the monitoring framework is focused on in order to focus its actions and know exactly the new challenges of the environment where they carry out their activity.
The brokers are affected in a particular way by this regulation of areas such as the treatment of personal data, since they are in direct contact with insurers; and is that the 'problematic' of collect the consents of the holders of the data to be treated in the development of the activity requires serious reflections, where the regulation of data processing itself coincides with the regulation of mediation in the field of distribution.
Tools to overcome, adapt and coexist with these new scenarios
As has been explained, focusing squarely on this regulatory and regulatory challenge captures the attention of brokers, mediators and, ultimately, distributors as a whole. They must know and analyze how they can use the resources available to them at a time when technology can and will help them comply with all this series of formal requirements. And it is exactly at this point where the management software for insurance brokers, technological platforms that play a role of partners strategic in the digital transformation of brokerages.
Since much of the regulatory requirement is based on the development of processes and methodologies, the role of these partners will try to provide them with all the tools and procedures based on technology that will help them overcome, adapt and coexist with these new regulatory scenarios.
Technology as a means, not as an end
In short, addressing the challenge of digital transformation will involve being able to travel through this evolutionary process where businesses have to change and adapt to the new environment. In the context of the sector and within the scope of distribution, in this change involved all the actors involved: mediators, companies, customers, management software for insurance brokers and the market itself and the society where they operate.
It is at this point where it will be necessary to rely on technology to transform digitally. However, we must not lose sight of the fact that it is a 'problem' of business awareness, where companies have to be able to incorporate it as an evolutionary process as the sectors, the economy and society move forward. set.
Big Data, Blockchain, IoT, and a long etcetera. We are facing a revolution that is assuming an important leap, with a huge impact on people and companies. The great challenge of this year and beyond for management software for insurance brokers will be to not lose the perspective of considering it as a means and not as an end, to continue being present, to accompany insurance brokers in their evolution and, even, anticipate and be able to glimpse certain issues thanks to its expert and strategic position within the chain of service provision.