The Insurance Brokers Association of Canada (IBAC) has recently launched a newly redesigned interactive tech website designed to provide brokers with up-to-date information on various tech providers and solutions, digital initiatives, case studies, benchmark assessments of brokerages’ tech stacks, and honest appraisals of new technologies, among other things. This move aims to empower brokers to make informed decisions when choosing specific technologies for their business operations. The IBAC Tech website is modeled after the value propositions offered by brokers to their clients, with the goal of providing brokers with choice, advocacy, and advice on available digital solutions. The platform separates various tech companies into distinct categories, including broker management systems, customer relationship management tools, insurtech companies, and API connectors. This categorization is intended to demystify the numerous technologies available to the broker channel. One of the key features of the IBAC Tech website is its neutrality. The platform does not promote or endorse any specific tech products or vendors. Instead, it serves as a neutral platform where brokers can explore the applications of various business technologies to solve specific brokerage issues. The website also includes several use cases that showcase real-life examples of brokerages implementing various technologies to address particular business challenges. These use cases aim to help brokers understand how different technologies can be applied in their own business models. Brokers can access a range of resources on the website, including benchmark assessments of their tech stacks against industry benchmarks. The website provides a downloadable PDF that allows brokers to rate their tech stacks in six different segments, including website hosting, lead generation, and lead management, CRM and quoting/rating, policy management, renewal, and customer self-service, data analytics and email marketing, IT, telephony, and premium financing, and customer self-serve quoting/binding, and issuing, as well as re-keying required. By comparing their self-assessments to industry benchmarks, brokers can gain insights into their tech stack performance and identify areas for improvement. The website will also be regularly updated with news and industry insights relevant to brokers, insurers, and tech partners. In addition to providing information on emerging technologies, the IBAC Tech website will also feature resources for brokers looking to adopt and implement new technologies. The platform will serve as a space for tech vendors to provide information about their broker-relevant solutions, allowing brokers to make informed decisions about the technologies they choose to implement. The launch of the IBAC Tech website is a significant step forward for the broker channel, and it is expected to have a positive impact on the industry as a whole. By providing brokers with access to up-to-date information and resources, the platform aims to support their success and enable them to make informed decisions about their technology investments. The IBAC Tech website will also include a podcast called “Tech Trek,” hosted by Tom Reid, IBAC’s broker lead on broker connectivity. The podcast will feature discussions with guests from various segments of the broker tech industry, providing brokers with insights into the latest trends and developments in the field. Key Features of IBAC Tech:
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- Up-to-date information on various tech providers and solutions
- Digital initiatives
- Case studies
- Benchmark assessments of brokerages’ tech stacks
- Honest appraisals of new technologies
Benefits of IBAC Tech:
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- Provides brokers with choice, advocacy, and advice on available digital solutions
- Demystifies the numerous technologies available to the broker channel
- Offers a neutral platform for brokers to explore the applications of various business technologies
- Includes benchmark assessments of brokerages’ tech stacks
- Provides resources for brokers looking to adopt and implement new technologies
What’s more, the website aims to support brokers in their use of artificial intelligence (AI). The IBAC Tech website will include information on AI and its applications in brokerages, including use cases that showcase real-life examples of brokerages implementing AI solutions. The website will also feature a range of tools and resources to support brokers in their use of AI, including best practices and use cases. Key Takeaways:
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| Key Features | Description |
| Up-to-date information on various tech providers and solutions | IBAC Tech provides brokers with access to the latest news and information on various tech providers and solutions. |
| Digital initiatives | IBAC Tech includes a range of digital initiatives that aim to support brokers in their use of emerging technologies. |
| Case studies | IBAC Tech features case studies that showcase real-life examples of brokerages implementing various technologies to address particular business challenges. |
| Benchmark assessments of brokerages’ tech stacks | IBAC Tech provides benchmark assessments of brokerages’ tech stacks, allowing brokers to compare their performance to industry benchmarks. |
| Honest appraisals of new technologies | IBAC Tech provides honest appraisals of new technologies, helping brokers to make informed decisions about the technologies they choose to implement. |
| Podcast | IBAC Tech features a podcast called “Tech Trek,” hosted by Tom Reid, IBAC’s broker lead on broker connectivity. |
“We want brokers to be confident in their choice,” says Mathieu Brunet, president of the Insurance Brokers Association of Canada. “We want them to be able to make informed decisions about the technologies they choose to implement. That’s why we’ve created IBAC Tech – to provide them with the information and resources they need to succeed in the industry.”
The IBAC Tech website is a valuable resource for brokers, providing them with the information and resources they need to succeed in the industry. By offering a range of features and tools, IBAC Tech aims to support brokers in their use of emerging technologies and help them make informed decisions about the technologies they choose to implement. “We don’t want brokers behind the curve when it comes to using AI,” says Brunet. “We want them to be on the train, to be able to take advantage of the benefits that AI can bring to their business.”
By providing brokers with access to up-to-date information and resources, the IBAC Tech website aims to support their success and enable them to make informed decisions about their technology investments. IBAC Tech Website Highlights
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- Up-to-date information on various tech providers and solutions
- Digital initiatives
- Case studies
- Benchmark assessments of brokerages’ tech stacks
- Honest appraisals of new technologies
Benefits of IBAC Tech
•
- Provides brokers with choice, advocacy, and advice on available digital solutions
- Demystifies the numerous technologies available to the broker channel
- Offers a neutral platform for brokers to explore the applications of various business technologies
- Includes benchmark assessments of brokerages’ tech stacks
- Provides resources for brokers looking to adopt and implement new technologies
Key Features of IBAC Tech
•
- Up-to-date information on various tech providers and solutions
- Digital initiatives
- Case studies
- Benchmark assessments of brokerages’ tech stacks
- Honest appraisals of new technologies
IBAC Tech is a website designed to provide brokers with up-to-date information on various tech providers and solutions, digital initiatives, case studies, benchmark assessments of brokerages’ tech stacks, and honest appraisals of new technologies, among other things. The platform aims to empower brokers to make informed decisions when choosing specific technologies for their business operations.
A broker management system (BMS) is a type of technology that helps brokers manage their business operations more efficiently. It typically includes features such as customer relationship management tools, policy management, and customer self-service capabilities.
Artificial intelligence (AI) is a type of technology that enables machines to learn and adapt to new situations. In the context of brokerages, AI can be used to analyze data, make predictions, and automate tasks.
A customer relationship management (CRM) is a type of technology that helps brokers manage their customer relationships more effectively. It typically includes features such as contact management, lead management, and customer self-service capabilities.
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