80% of Brokers, insurers and MGAs Lack effective business intelligence tools, new research reveals

THE FINTECH TIMES – According to new research by Novidea, the data-driven insurance distribution platform, 80% of the brokers, insurers and MGAs surveyed do not have effective business intelligence tools in place. One in five brokers (20%) are currently using four or more different systems to manage their day to day operations. The research also showed that many are struggling to adopt the tools necessary for digital transformation.

Novidea surveyed a range of brokers, insurers and MGAs to assess the reality of technology adoption in the sector. When questioned about their current level of technology adoption, less than half of respondents had a digital system in place (42%), and even fewer had a Customer Relationship Management (CRM) platform in place (36%). Only one in five had a digital Business Intelligence (BI) system in place.