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Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles
Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles
Confronted with a choice to reallocate this administrative time, brokers show a diverse set of priorities: 38% would aim to generate new business, whereas 36% see value in investing in learning and development. Strengthening insurer relationships and diversifying client portfolios is also a shared focus among 32% of brokers.
500 brokers from modestly scaled firms participated in the study titled 'Brokering Change', jointly spearheaded by JAVLN and the international research firm Censuswide. The findings suggest that routine office tasks, such as claims administration and quote processing, are obscuring more vital aspects of the brokers' role.
The research paints a distressing landscape where menial tasks compromise brokers' capacity to deliver optimal customer service. Merely 28% felt assured that clients would grade their customer service with a score of 8 or higher out of 10.
"Technology lies at the heart of productivity malaise in Australian brokerages," declares Dale Smith, JAVLN's founder and CEO. Inefficient, outdated technologies are largely blamed for making client and policy management an uphill struggle, thereby hindering service quality.
Confidence in 2023 seems shaky among brokers, with only 25% feeling equipped with the right skills for success. Approximately 23% believe they receive adequate support from employers to achieve peak productivity levels.
Technology also emerges as a thorny issue, seen as overcomplicated by 27% of brokers, while 23% criticize current tech as no longer apt for the evolving industry needs. Inadequate tech solutions substantially impact client and policy management efficiency.
The challenges don't stop at technology: approximately 25% of brokers call for simpler compliance, with reports of missed compliance elements by a fifth of this group in the last year, demonstrating the dire need for reform.
The industry's leading challenge of making insurance more affordable was underscored by 28% of the respondents. This was apart from evolving client expectations, increased rivalries, novel aspects like cyber insurance, disaster coverage, risk landscape shifts, and the critical issue of attracting and retaining astute talent in the field.
Published:Monday, 25th Mar 2024
Source: Paige Estritori
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The periodic amount paid for the purchase of insurance.