Brokers to reach new heights with APEX

Brokers to reach new heights with APEX | Insurance Business Australia

Technology

Brokers to reach new heights with APEX

PSC Network leads charge with state-of-art trading platform that will help brokers gain competitive advantage

Technology

By
Bennett Richardson

This article was produced in partnership with PSC Network

The robots are coming. But there is no need for alarm.

PSC Network is harnessing the latest in technology through their new bot-driven trading platform called APEX to make brokers’ lives easier and supercharge their capabilities.

The first phase goal is to provide operational efficiencies with superior client outcomes. New and renewing policies connect using Robotic Process Automation (RPA) and Application Programming interface (API) technology to seamlessly receive multiple quotes with minimal input, which can be clicked through, amended and ultimately bound.

APEX interfaces into PSC’s core broking system, removing data duplication, errors and creating significant operational efficiencies.

The net result is that brokers will have more time to concentrate on value-added contact with clients to serve their needs in an ever-changing market in a way that only humans can.

APEX is also designed to connect to insurer portals, bringing PSC’s system and those of insurers into the same orbit.

“This is a key client benefit as APEX presents risk details in entirety – resulting in the cover and rate being fit for the individual client. We have also negotiated agreed product wordings to ensure PSC’s clients have access to enhanced coverage and solutions,” said Tony Walker, chief executive at PSC.

An evolving platform already connected to hundreds of users

To be sure, it seems lately as if every company is claiming it has the next industry-changing technology up its sleeve. But there are several things than make APEX a true stand-out for insurance.

“The real benefit is APEX’s range of insurers’ wordings, ability to click through and bind and interface into the Broking system. APEX is also an evolving platform, and we have a very ambitious program to deliver,” said Walker.

APEX is rapidly shaping up to be a market leading platform that can improve efficiency and client outcomes, enabling brokers to build better businesses – a core tenet of PSC Network’s vision.

PSC has already connected over 700 users to five core products across a panel of ten insurers, learning a lot in the process.

“It has opened our eyes on what can be achieved – including partnering with insurtech experts to deliver various parts of the chain at a fraction of the cost and time of building our own technology in house.”

By introducing APEX, PSC puts itself at the vanguard of the robotics revolution in insurance and bucks the tech-laggard image that dogs the industry.

“The robotics impact on insurance is moving at an extremely rapid pace, that’s why it was important for us to have complete control over our solution to be able to adapt quickly and focus on what really matters for our brokers and their clients,” said Walker.

Such tools will enable insurance professionals to take their capabilities to another level.

And yet, there are still misunderstandings that robots are coming for people’s jobs, an echo of the now quaint idea that the personal computer would cause mass unemployment rather than leverage the human ability to work.

“Robotics doesn’t replace the need for a broker – there will always be a need for face-to-face servicing and understanding of the uniqueness of clients situations,” said Walker.

Some of the advantages that will accrue to PSC brokers and Authorised Representatives using the platform include:

enhanced dashboards
improving the presentation of terms in quote emails
product e-forms for new business and pre-renewals data capture
adding more insurers and more products as an on-going feature
using AI to streamline product comparisons
enhanced data analytics

PSC a step ahead in industry often seen as tech-averse

Those who forgo or delay the introduction of the most up-to-date tech run the risk of becoming relics with fewer customers. Research by McKinsey shows that how quickly incumbents adapt to new technology and related market changes will determine the size of their share in the next generation of the insurance industry.

There is no time to lose, and companies such as PSC know it. Rather than resisting change, forward thinkers help shape it.

“It’s a really exciting time to be part of PSC – our focus is to ensure it enhances the relationship between the broker and their clients rather than attempt to replace it,” said Walker.

What broker wouldn’t want streamlined processes, enhanced productivity, as well as products and services that are tailored to individual needs?

“This is the future of insurance broking. It’s smarter, faster, and more responsive, and it’s here now, at PSC Network.”

PSC Network Insurance Partners is a division of publicly listed PSC Insurance Group Limited. As a Group, PSC aims to be the trusted insurance and risk management partner for its diverse range of Small to Medium Enterprise (SME) clients. PSC Network Insurance Partners Pty Ltd is an Australian Financial Services Licensee, responsible for a large network of Insurance Advisors across Australia.