Many insurance businesses have already established that if they haven’t embraced digital, their relevance in the insurance world is fading. Whether it’s electronic trading standards, IOT & Analytics, or online insurance distribution, the London and indeed the global market is only heading in one direction.

For decades, business leaders have focused on how to constantly make their customer service experience with their clients better in order to build loyalty. In a red ocean, low margin, settler industry where costs of switching service suppliers are far far lower especially in our industry, insurance brokers and carriers need to be able to do more.

It’s time for virtual interdependence. What is virtual interdependence?

Virtual interdependence is the strategic digital distribution alignment (or integration) of platform to platform, or brick and mortar to platform, to build a block chain of operational integration where both the success of one platform depends on the other, and where long term economies of scale grow incrementally as to not prejudice the viability of the chain.

The C2RM element reinforces the relationship when this alignment enhances the customer’s customer experience to achieve ultimate synergy. Combining this with an open source coding mentality, and transaction based financial model, enables experimental plug and play B2C or B2B propositions.

Why am I telling you all of this? Because that is exactly what we are currently doing with our carrier and broker partners in London and abroad. We are working to ensure they have the technology, scalability, and tools at their disposal to preserve the relationships they have persevered to build since the market’s founding, and to take advantage of new distribution opportunities which may only come in digital form.

If you are a broker, MGA, or carrier with over the counter or ‘cookie cutter’ business you would like to explore digitising in the B2B or B2C space, please get in touch and we will explore ways that Connect’s Marketplace technology can help you build your C2RM advantage!