Insurance brokers : Why did XRM Vision invest in TANDEM?
Why did XRM Vision decide to invest in a solution made for group insurance brokers? What drives our company to want to help guide them through this important digital transformation that is currently affecting their industry?
In this article, our president Félix Robitaille answers the most frequently asked questions regarding TANDEM:
1 - Why a solution for insurance brokers?
F.R. - Being the XRM Vision president this is a question that comes up often about TANDEM. We created this customized platform to facilitate the daily facilitate the daily operational process of group insurance brokers. There are several reasons behind this.
Because you use technology to solve business problems?
F.R- Yes, I have been helping organizations improve their productivity through technology for over 20 years. I have been doing this by establishing good business practices. Our team works with organizations daily, helping them improve the way they do business. XRM Vision creates applications that are tailored to the specific reality of each client to resolve business problems. We have established over 400 solutions over the years; each of these solutions were created to solve specific business needs.
And how has the idea of TANDEM come about?
F.R. - After designing custom solutions for several insurance companies, it became clear that we had a solid foundation to develop our own reusable solution. We wanted to ensure a strong compatibility between our expertise and that of the brokers. We teamed up with a few of them and developed a platform that really addressed their needs. That is how TANDEM came to be.
2- Why is TANDEM the solution for brokers?
F.R. - The major transformation that is currently taking place in the insurance industry is having an impact on group insurance brokers in several ways. Firstly, new competitors emerge; the insurance providers and heir historical collaborators are now becoming competitors. This market transformation also comes at a time when the customer in becoming more demanding in terms of customer experience. The value of the broker is in danger. Many players in the insurance industry now want to have a direct relationship with the customer. This inevitably compromises the traditional role the broker has in the industry. In this context, modern tools combined with offering a better client experience, are essential to the survival of brokers and their ability to distinguish themselves.
Why focusing on a digital experience?
The reality today is that the customer has new expectations. They want to access all their applications and business solutions directly from their phones. Many insurance professionals still work in an environment where the use of paper still dominates. Brokers who can provide a complete digital customer experience will stand out. Being able to immediately see the client profile, also allows us to offer advice and services that are tailored to the needs for the client.
And why so much emphasis on contact?
F.R. - When working in paper mode, we see our clients only once a year, this makes the relationship a lot less solid than having regular contact with the client. The interaction with the client can take place in person. Although this represents the strength of insurance brokers, having an interaction through applications, is a different way of maintaining a constant and lasting relationship with the client. Using these specialized applications becomes essential in maintaining these types of relationships. These global times make it difficult for brokers to maintain privileged relationships with clients in a work from home environment. This makes it essential to use digital solutions to keep in touch with clients and identify business opportunities. Lastly, having a modern technological platform makes it possible to complete the human contact by facilitating the management of the relationship in daily administrative tasks. Watch the video by Félix Robitaille on TANDEM (with English subtitles!): https://www.youtube.com/watch?v=DaLJ1C8gGfg&feature=emb_logo
3 - What challenges are brokers currently facing?
F.R - The process insurance brokers go through to meet the needs of their clients is complex. Clients put pressure on them to get the best insurance offers on the market. Therefore, being well equipped is essential to achieve this and gain efficiency. This is the reason our team has worked to create a tool to increase their productivity. Firstly, greater productivity makes it possible to be more competitive. Second, it allows us to better meet demand by offering more products. In their attempt to meet the various needs of their clients, many brokers work manually on tools such as Excel or Access. We knew that by relying on more modern technology, brokers could more easily reinvent themselves. One of the changes currently affecting this industry is the transfer of business from one generation to the next. The time to hand down the torch to their children or prepare for their upcoming retirement is approaching for many insurance professionals belonging to the Baby Boomer generation. Many want to sell their business. In this context, having a modern system makes it possible to:
- Increase the value of your organization.
- Better concretize all the work done over decades.
4 - What are your considerations for broker-friendly technology?
F.R. - In this situation, our team realized that building a solution that could be reused by multiple brokers would have more impact. As a result, the development effort is spread over several users, allowing us to deliver greater value. Of course, the processes of a broker are complex. The quality of the solution is therefore essential to secure the data and ensure a high level of processing from one end to the other. Before TANDEM, many brokers had no choice but to build a custom platform from scratch. However, the investment required to do so are significant and the risks of not meeting the performance objectives of the solution are extremely high. Since TANDEM, all brokerage firms, regardless of their volume of clients, can obtain a higher-level platform.
5 - What is the XRM Vision solution?
F.R. - Our team has chosen to build a specialized solution for insurance brokers, taking advantage of our technological expertise. With our history of over 400 implementations and our in-depth knowledge of Microsoft technology, we have been able to offer a "large organization" level of quality to brokers and SMBs around the world. What risks can the broker encounter by not going digital? Their profession will either start to vanish or they will see their lifetime investments be greatly reduced. The new reality brings a great deal of competition, both in the acquisition of different brokerage firms and in the acquisition of clients. This market makes it particularly important for brokers to differentiate themselves to maintain the relevance and value of the company. At XRM Vision, we have chosen to focus on a nested market and become a leader in the transformation of this ecosystem. Our team has developed an expertise in the processes and ways of doing things in this industry. In fact, our technological knowledge and the expertise of a multidisciplinary team allowed us to go further. Thus, we have been able to achieve a close match between the ways of doing business of a modern broker and the latest possibilities of technology.
Would you like to know more about TANDEM?
Contact one of our experts who will be pleased to introduce you to this platform. You will be able to better see the advantages of a management solution specifically designed to facilitate the digital transformation of the group insurance broker.