Greasing the engine

Today’s brokerage business might be different from that of 1938, when Ronald Reagan played the briefcase-handling insurance investigator Eric Gregg in “Accidents Will Happen”. However, the segment is more relevant than ever. Although you might expect a Zoom call instead of a visit to your office, brokers are still an essential component of the insurance ecosystem. They provide the client-focused attention that a client-focused business requires.

Brokers are the fuel that powers the insurance industry and they will play the lead role in expanding coverage for Colombians. Their success in adapting to digital processes of selling will determine, in large part, if Colombians and Colombian businesses improve their risk exposures. They must lead the digitalization revolution and ensure that their differentiating factor—experience—rings louder than ever before.

Being a risk specialist gained a new dimension with the onset of the internet; brokers assumed the role of knowledge providers. Broker companies dedicate entire teams to producing risk assessment reports. Transparency became their raison d’etre. Going the extra mile will remain their source of strength, ensuring customers receive the personalized attention and made-to-fit products they cannot find elsewhere.

Carlos Alberto Montoya, President of the Colombian Association of Insurance Intermediaries (ACOIS) comments that; “customers learned to trust digital platforms and approach digital insurance companies directly.” However, the companies at the intersect of the business should have more to gain than to lose from increased connectivity. The spirit of the counseling expert will not perish.