The growing significance of insurtech
In the context of business, the adage, “Stick to what you know” entails that an organization must focus on its strengths rather than investing time and resources into functions that, albeit integral to its processes, fall outside its area of expertise. With regard to insurance brokers, the priority should ideally be selling insurance, developing and creating new insurance products by partnering with carriers and getting them all into the market faster than their competitors.
Launch From Original Source

However, the growing significance of insurtech and how it impacts insurance-related processes have pushed insurance brokers to venture out of their comfort zone. Suddenly, they are required to address technology-related “peripheral aspects” of their business, such as researching and deploying the ideal Lost Run application, Policy Checking software, Insurance Cert (Certificate) tracking and compliance management software, Insurance Indexing system, and various other technology solutions needed to serve their customers better.
Furthermore, with new solutions launching ever so frequently, insurance brokers are required to make multiple technology evaluations, purchases, changes, and re-evaluations, a series of time-consuming and expensive tasks that also create a fragmented infrastructure.
In reality, they don’t have to undertake this burden onto themselves.
Just ask 7 of the 10 largest consolidators—or large PE-backed insurance broker firms—in the U.S. To relieve themselves of such obligations, these multi-billion-dollar insurance brokers have placed their faith in Patra, one of the foremost solutions providers that has been driving profitability and customer acquisition for insurance brokers since 2005.
