As the insurance industry continues to evolve towards digital services, some agents and brokers have expressed concerns about their role in all of this. Rather than taking the place of brokers and agents, insurtech is actually helping them secure capacity, deliver on faster service and navigate complex changes in the industry.

While many new cyber liability insurance policies may be more costly and entail lower limits with higher deductibles, insurtechs can be especially valuable in helping agents and brokers find the best options for their clients with a focus on efficiency, value and innovation.

Why insurance + technology is a boon for brokers

Let’s face it: Cyber insurance can be confusing and complicated, and it’s harder to get than it was even a year ago. Renewals are not guaranteed and the fear of the unknown is omnipresent.

Fortunately, insurtech provides for instant quoting and response from multiple carriers, creating the fast and responsive process customers have been requesting for years.

Insurtech cuts through the clutter to deliver the information that agents and brokers—and their clients—want and need.

It can also counteract jaw-dropping rate increases by reducing labor costs and bolstering efficiencies, since lightning-fast responses save a significant amount of time for all parties in the process. This makes it easier for brokers to offer the best service and information in a challenging market. When brokers can find better options and premiums for their client, the wins only increase.

Finally, insurtechs can help agents and brokers write more business by opening up the cyber insurance market, which has been cautious with new appointments for those who are anything less than expert. Mulberri helps to expand the cyber insurance market for payroll and HR providers, brokers and agents, small-medium businesses and carriers by redefining how insurance is delivered.

Brokers and agents matter

Finding the best coverage for clients and making time for ongoing communication have long been a challenge for agents and brokers. Insurtechs take the time and guesswork out of this process, giving these key parties the opportunity to spend more time connecting with clients and less time filling out forms.

Brokers and agents will always be a critical part of the insurance industry—insurtechs simply help them take their work to the next level. Insurtechs today are helping agents and brokers secure capacity, deliver outstanding service and come through for their clients in an ever-challenging environment—bringing together the best of technology and human connection.