Mind Your Digital Strategy: Does It Stack Up to Your Peers? Skip to content
 

Tech Adoption

2 Minute Read

Mind Your Digital Strategy: Does It Stack Up to Your Peers?

By: Stephen Murphy

Tech Adoption

2 Minute Read

Mind Your Digital Strategy: Does It Stack Up to Your Peers?

By: Stephen Murphy

 
 
 

We recognise that implementing a digital strategy can be intimidating. With a plethora of information available, it can be overwhelming to determine where to begin and what would be most effective for your business. According to the Insurance Times Digital Adoption Report, produced in association with Applied Systems®, 73% of brokers surveyed have a digital strategy, up from 63% the previous year. More importantly, 27% of brokers have yet to implement a digital strategy.

We encourage our customers to talk to other brokers about their onboarding experience. Not just with Applied Systems but also their specific focus areas, the technology they adopted to improve those areas, and the benefits they experienced.

Speaking with some of our broker partners to understand their focus areas in their digital strategy, one of the key areas of focus was found to be data. High-quality data can bring numerous benefits, such as shorter workflows through automation, better decisions through business insights, and improved customer experiences with more information. According to James Woollam, the Managing Director at Hayes Parsons Insurance Brokers, "The most important things that we're looking for are data and being able to extract data effectively". He believes it is essential to "ensure that there is enough automation in the system to allow my team to spend more time talking to their clients.”

“My advice for brokers wanting to improve their digital strategy is to look at your peers and learn from them. Don't get left behind."

Another area of focus is commercial lines workflows. As commercial lines panels expand, they provide a modern, technology-driven alternative that provides a simple and consistent experience across both personal and commercial lines workflows. This is critical in helping everyone in the broker channel save time and deliver better client service. John Paul Allcock, Managing Director at NFP UK & Ireland, explains why digital transformation was critical for their commercial lines business. “Our systems were old and clunky, and we spent too much time double-tapping information. Moving to Applied takes us into the new generation of dealing with clients. It gives us more time to communicate with clients instead of just typing the information.”

Digital transformation is a critical priority for all brokers looking to grow and remain competitive. By partnering with trusted advisors like Applied, you can navigate the complexities of digital transformation and learn from your peers to identify areas of focus that will help you thrive. Whether it's data, commercial lines, workflows, or digital experiences, those who embrace digital transformation will be well-positioned for success in the future.

Get your copy of the Insurance Times 2023 Digital Adoption Report.

 
 

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  • Stephen Murphy

    Senior Director of Customer Experience, Applied Systems Europe

    Stephen Murphy is responsible for the overall client experience and satisfaction of Applied Europe’s strategic customers. A customer champion, Stephen leads a team of Customer Success managers and works in collaboration with Sales, Services, Support, Development and Product Management, placing customer experience at the centre of all operations. He joined Applied in March 2020 and works across both broker and insurer channels ensuring our customers gain the most value possible from their investment in Applied technology. In his previous role at Accenture, Stephen worked in Management Consulting where he specialised in insurance consulting, managing teams across Europe and Asia Pacific to deliver large scale transformational projects for larger insurers in the UK and Ireland.

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