The Ontario Broker - Volume 22, Issue 5 - 18

At Foxquilt, we don't have business development teams. We
have partnership teams. That's intentional. We work with our
broker partners to offer an efficient solution to quoting and
binding small businesses. We help them efficiently implement
the option. We listen to their feedback on capacity and
platform. We work together to help them write more business
and be a trusted advisor, so that their human capital can do
what they do best-advise those who need advice.
LM: I don't believe there is only one way of doing business
and we all better figure it out or we're going to become
extinct. Brokerages need to get strategic on what they want to
accomplish and what their market is. Then they need to design
their process around their market. Gone are the days when a
brokerage is just going to be able to appeal to the masses.
We know Surex isn't for everybody, just like a traditional
delivery isn't for everybody. But if we know what our market
is, we're strategic about it and we design our processes and
our technologies around the market we're targeting, then
everybody can win on that.
THERE HAS BEEN A LOT OF TALKS RECENTLY
ABOUT AI AND ITS IMPACT ON THE INSURANCE
INDUSTRY. WHAT IS YOUR OPINION ON HOW AI IS
TRANSFORMING THE INDUSTRY?
MM: All innovative technologies are good for the insurance
industry. Whether it's AI, machine learning, embedded APIs,
BMS integration or automation-all of these aspects are
chipping away at traditional systems to create better broker
and consumer experiences.
Reducing question sets, removing the need for manual entry,
and running scripts to integrate systems further streamlines
processes. This ultimately provides brokers with more choice
upfront without the need to search.
LM: There are ways I wish it would influence the industry more
and that's on the underwriting side. We're still very traditional
in our underwriting of actuarial science. And I think there's a
real opportunity for AI to get involved and learn what results
in a claim and how we price appropriately. There's some real
use in pricing with AI. On the brokerage side, there's so much
demand on the brokers' time that it becomes a strong tool as it
helps us figure out where we should spend our time.
In online insurance, there are a lot of leads that come in. There
are a lot of people looking for insurance, and sometimes
there's more than we can fulfill. AI can segregate leads and
identify which ones are most likely to sell and which ones are
least likely to claim a lot better than a broker can. For us, AI is
good in lead scoring and helping us figure out where we should
spend our time. We use AI in our online marketing to provide
us insights into who we should target and what apps we should
we be putting out there.
Fraud detection is also a huge area where-even at a
brokerage level-our data scientists are working on algorithms
that can tell if someone's in our site or if there's a likelihood of
fraud.
There are so many applications where a machine doesn't have
those biases and it can do a far better job than a human can.
OUTSIDE OF NEW SOFTWARE SOLUTIONS, WHAT ARE
SOME OTHER INNOVATIONS YOU'VE SEEN RECENTLY
IN INSURANCE (ANYTHING LIKE NEW BUSINESS
MODELS OR EMPLOYMENT POLICIES)?
MM: Letting the customer control their financial service
purchase journey has been a big one. We've seen it in banking
for years, right? They are investing in the tools their customers
want and need to help themselves. They invest in functionality
consumers don't know they want/need, and teach them how to
use it. In turn, customers now choose a bank, loan provider, or
mortgage broker based on their ability to balance self-service
with availability and support. Let your customers choose you by
giving them the tools to help themselves.
LM: I'm excited by some of the talk I'm hearing at the insurance
company level of direct integrations and more APIs. For
a brokerage like us,
being able to connect
more closely with other
companies is very
important. Not just for us,
but for all brokerages-
no matter your delivery
method, customers come
to us to buy insurance.
Then when it comes to
claims, they get a whole
different experience
because it transfers to
somebody else. As we
integrate our systems
and workflow more with
insurance companies, it's
going to give consumers
a more consistent
experience.
18
THE ONTARIO BROKER

The Ontario Broker - Volume 22, Issue 5

Table of Contents for the Digital Edition of The Ontario Broker - Volume 22, Issue 5

Contents
The Ontario Broker - Volume 22, Issue 5 - Cover1
The Ontario Broker - Volume 22, Issue 5 - Cover2
The Ontario Broker - Volume 22, Issue 5 - Contents
The Ontario Broker - Volume 22, Issue 5 - 4
The Ontario Broker - Volume 22, Issue 5 - 5
The Ontario Broker - Volume 22, Issue 5 - 6
The Ontario Broker - Volume 22, Issue 5 - 7
The Ontario Broker - Volume 22, Issue 5 - 8
The Ontario Broker - Volume 22, Issue 5 - 9
The Ontario Broker - Volume 22, Issue 5 - 10
The Ontario Broker - Volume 22, Issue 5 - 11
The Ontario Broker - Volume 22, Issue 5 - 12
The Ontario Broker - Volume 22, Issue 5 - 13
The Ontario Broker - Volume 22, Issue 5 - 14
The Ontario Broker - Volume 22, Issue 5 - 15
The Ontario Broker - Volume 22, Issue 5 - 16
The Ontario Broker - Volume 22, Issue 5 - 17
The Ontario Broker - Volume 22, Issue 5 - 18
The Ontario Broker - Volume 22, Issue 5 - 19
The Ontario Broker - Volume 22, Issue 5 - 20
The Ontario Broker - Volume 22, Issue 5 - 21
The Ontario Broker - Volume 22, Issue 5 - 22
The Ontario Broker - Volume 22, Issue 5 - 23
The Ontario Broker - Volume 22, Issue 5 - 24
The Ontario Broker - Volume 22, Issue 5 - 25
The Ontario Broker - Volume 22, Issue 5 - 26
The Ontario Broker - Volume 22, Issue 5 - 27
The Ontario Broker - Volume 22, Issue 5 - 28
The Ontario Broker - Volume 22, Issue 5 - 29
The Ontario Broker - Volume 22, Issue 5 - 30
The Ontario Broker - Volume 22, Issue 5 - 31
The Ontario Broker - Volume 22, Issue 5 - 32
The Ontario Broker - Volume 22, Issue 5 - 33
The Ontario Broker - Volume 22, Issue 5 - 34
The Ontario Broker - Volume 22, Issue 5 - 35
The Ontario Broker - Volume 22, Issue 5 - 36
The Ontario Broker - Volume 22, Issue 5 - 37
The Ontario Broker - Volume 22, Issue 5 - 38
The Ontario Broker - Volume 22, Issue 5 - 39
The Ontario Broker - Volume 22, Issue 5 - 40
The Ontario Broker - Volume 22, Issue 5 - 41
The Ontario Broker - Volume 22, Issue 5 - 42
The Ontario Broker - Volume 22, Issue 5 - 43
The Ontario Broker - Volume 22, Issue 5 - 44
The Ontario Broker - Volume 22, Issue 5 - 45
The Ontario Broker - Volume 22, Issue 5 - 46
The Ontario Broker - Volume 22, Issue 5 - 47
The Ontario Broker - Volume 22, Issue 5 - 48
The Ontario Broker - Volume 22, Issue 5 - 49
The Ontario Broker - Volume 22, Issue 5 - 50
The Ontario Broker - Volume 22, Issue 5 - 51
The Ontario Broker - Volume 22, Issue 5 - 52
The Ontario Broker - Volume 22, Issue 5 - 53
The Ontario Broker - Volume 22, Issue 5 - 54
The Ontario Broker - Volume 22, Issue 5 - 55
The Ontario Broker - Volume 22, Issue 5 - 56
The Ontario Broker - Volume 22, Issue 5 - 57
The Ontario Broker - Volume 22, Issue 5 - 58
The Ontario Broker - Volume 22, Issue 5 - Cover3
The Ontario Broker - Volume 22, Issue 5 - Cover4
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