Brokers who do not embrace the potential of e-commerce will fail according to technically astute intermediaries in a Norwich Union poll of 400 intermediaries.
“Techno savvy” brokers are now the UK broker market's dominant group, making up 31 per cent of intermediaries, according to the research. NU reveals intermediaries feel technology plays an important role, and those who do not harness its potential may encounter problems in the future.
The research also identified three other principal group types in UK broking. Firstly, 26 per cent of the intermediaries polled fell into the “corner shop” category, wanting to maintain a personal touch. Secondly, the “fading families” group makes up 23 per cent and are the most pessimistic, seeing threats from all directions. Lastly, 20 per cent fall into the category “old pros” – those intermediaries who appear to have no fear of the increasing diversity of insurance providers or advances in technology.
NU intermediary business director Ken Wallace says: “It appears most agree that technology will play an important part in the offering to customers and those who refuse to embrace it will struggle.”