It's no surprise wholesalers feel the pressure to upgrade their technologies and meet growing expectations from both insurers and brokers.
With the technology gap widening, wholesalers who are slow to improve broker connectivity risk falling behind. That sounds like more bad news, especially for those trying to mind their pennies. But it doesn't have to be. What wholesalers fear most about bringing legacy technology up to date doesn't have to come true: Plenty of good examples are out there to modernize affordably and in a reasonable amount of time.
Consider Wright Risk Management, a program manager in New York, for example. Like many program managers, Wright knew improving the broker experience was a huge driver for success. In the case of Wright's NYMIR Division, a modernized system could make doing business with them easier for brokers, increasing retention and even driving new business. It could also control expenses by eliminating inefficiencies in communication and workflow. So Wright re-evaluated their broker portal. And that's paying dividends in expense control and broker satisfaction.
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