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Large Commercial Brokers Investing in AI, Analytics, and Workflow Technologies, Says Novarica

Large commercial brokers are prioritizing workflow, analytics, and AI technologies to differentiate themselves in a competitive marketplace. In a new report, Business and Technology Trends: Large Commercial Brokers , research and advisory firm Novarica provides an overview of large commercial brokers' business and technology issues, data about the marketplace, and several examples of recent technology investments by large commercial brokers. 

"Several new entrants are pursuing market share growth with modern systems and digital processes," said Chuck Gomez , Vice President of Research and Consulting and co-author of Novarica's new report. "Firms are looking to enable brokers by automating low value-add activities and applying AI and related technologies along with analytics to help brokers identify prospects, win business, and boost engagement to retain business."

Among the key findings of the report are:

  • Workflow remains the number one problem brokers face. There has been a significant improvement in the last year in a new class of solution providers that offer automation to support new and renewal business.
  • Brokers are investing heavily in analytics, business intelligence, and (more recently) AI and related technologies. Brokers are using any tool possible to grow their business profitably and to provide a differentiated customer experience from customer acquisition to customer service.
  • Portals continue to be an important area of investment for carriers working with brokers. Broker demand is growing for carriers to provide straight-through processing portals for small commercial business.

Please contact media@novarica.com or call Victoria Spitz at 833-668-2742, Ext. 130, for more information.

 


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