Insurance Business Many brokers are somewhat unsure or uneasy about insurtech. For many it seems unnecessary, or perhaps even a threat. But when brokers get the right technology for their business, and use it correctly, it can lead to fantastic results.
One example of this can be seen with SchemeServe, a software program for brokers that work with schemes (as the name suggests).
John Price (pictured), COO, explained how it works. “It’s really a bit of insurtech for brokers, MGAs and insurers to get schemes online and trading very quickly and very easily,” Price told Insurance Business. “We’re talking a matter of weeks as opposed to months or years. Our record is five days but I’m not going to pretend that’s normal. However, taking the scheme from the concept or the idea the broker has and making that so it’s a working scheme is a very quick process.”
According to the COO, one of the best parts of SchemeServe is how little work is involved for the broker. Changes can be made at any time as well - so a broker isn’t locked into a certain process or question set.