What can artificial intelligence do to help me be more successful?

In 1996 the chess playing expert computer system named Deep Blue won a chess game against a reigning world champion under regular time rules. That was 27 years ago and computers and their abilities have changed a lot of things in our daily lives. A lot of them for the better – I can now remotely open the garage door for the dog sitter and check in for and see the status of my upcoming flight. From an artificial intelligence standpoint, Amazon is an amazing shopping tool that provides a world of options at our finger tips and knows to offer me toilet tissue when I buy paper towels. When I look into travel plans, I can find multiple options on Expedia for flights, cars and hotels as well as get my questions answered by the artificial intelligence powered online bot system.      

Market Intelligence

For most brokers, the history of their current placements resides in file storage of documents, email systems and various AMS systems. However, this is a place to keep them.   The data that is contained in them (such as premium, rate per million, declination reasons, binding ratio, etc.)  is not kept in a format that a computer can process the information and provide useful analytics.   Utilizing a system that gathers this information and provides insights is a powerful tool that makes a broker more successful.   These insights enable a broker to quickly identify the best markets, save time by not approaching incorrect markets and identify additional products and services that would be of interest to their client.  

Intelligence leverage

Currently, brokers have limited time to broker their deals and stay up to date on market appetites and trends.  Remote work environments can limit the sharing of knowledge across a team that would enable better market intelligence and effectiveness.   Technology that captures the placement data across a team’s book of business and provides insights into the optimal market to approach is key to leverage the power of the broker team.   A platform powered by artificial intelligence enables the team to have real-time information on the best markets and solutions.   Broader utilization of the platform enables the technology to provide more benefit as the greater the data source the better insights and recommendations the system can provide.    

More deals in less time

The marketing process takes an enormous amount of time and effort.  Having real-time market intelligence enables a broker to avoid the wrong markets (wasting the broker’s and underwriters’ time) and directs them to the correct market (obtaining the most competitive terms).  A system that can capture the data from each placement and provide real-time analytics to inform the broker of the best market and solution is critical to an efficient and successful marketing process.  

The power of AI

It’s been 27 years since Deep Blue and instead of leveraging the intelligence that technology can provide -  many brokers are letting their placement information sit on a virtual shelf and are not tapping into the insights that it can provide to their broker teams. Capturing the data on placements across the broker team and providing analytics and insights that empower the broker teams to be more successful is now here.  Let’s tap into it and enable our teams to broker better together.