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April 16, 2021

COVID-19 spurs digital transformation of brokers

By Patrick Brusnahan

COVID-19 has forced companies to change the way they work, accelerating digital transformations. Historically, brokers have resisted these changes, but a growing number of them are now adopting new online and digital services to keep abreast with changing client demands.

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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
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After 2020, UK insurance brokers have become more open to the use of online services, such as online chat functions and claims-tracking portals, for their clients to use. According to GlobalData’s UK Commercial Insurance Broker Surveys, the proportion of brokers that provided a claim-tracking process for their customers decreased from 10.8% at the beginning of 2016 to 9.5% at the beginning of 2020. However, over the past year, the proportion of brokers implementing this technology has increased by 65.3%. Still, while only a minority of brokers (15.7%) are currently using this technology, this represents a marked increase in those willing to use online services.

There were also increases in the proportion of brokers using online quote functions and social media, as well as upgrading their telephony systems with the elimination of face-to-face meetings over the past year.

digital brokers

Note: There was a 507.0% increase in the proportion of super-regional brokers allowing customers to obtain quotes online. This data point was left off the chart to allow for greater visibility of the other data points.

 

The above graphic also highlights that these changes are being seen across the board, from smaller provincial brokers to national ones, showing that all brokers see the need to transform their business. The brokers that implemented these services over the past year will be more competitive than their peers, especially among smaller businesses that can purchase their insurance via online channels. Digital brokers are quickly becoming the norm.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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