Description: Are you frustrated with the service from insurers? How quickly do your quote submissions come back? What areas of the process do you find most frustrating?
Summary: In this conversation with Juan de Castro we discuss the most common frustrations for brokers and their insurer partners. It’s no secret that the inefficiencies around data collection between clients, broker and insurers, is fraught with friction. In this episode we look at why this friction occurs and what is being done to create a more seamless approach to speed up insurer response times and support the broker with managing their submissions in a systematic way regardless of insurer partner.
Quote: “Brokers cannot accommodate all the information that all insurers might want, because every insurer will want a slightly different set of data points about the risk. If you look at what underwriters do, they would receive the submission from the broker, and then they will do a number of online searches to gather all the information required for underwriting. And that just takes time, and that's the reason why there's that black hole of days and days and backlog to get back to the broker. So I think the question here is, how can you streamline that process in a way that insurers can automatically pull that information about the risk, and be able to either decline or produce a quote, as quick as possible?”
Run time: 14.02
About the guest:
Juan de Castro, CCO/COO at Cytora, leads product strategy, sales, distribution, partnerships and operations and has twenty years’ experience in strategy, operations, corporate development and sales. Previously UK COO at Hiscox, Juan holds a Master’s degree from Stanford Graduate School of Business and a Computer Engineering degree from Universidad Complutense de Madrid.
About the host:
Adrian Saunders, Commercial Director at Ecclesiastical is responsible for delivering Ecclesiastical’s UK intermediated business. Before joining Ecclesiastical, Adrian held senior roles at Marsh, Zurich and Hiscox. Away from insurance, Adrian is a self-confessed cycling addict. Combining his passions for charity giving and cycling, he previously raised funds for charity by completing London Ride100 three times and cycling across Vietnam and Cambodia.
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