We bank and invest online. We shop online. Many of us even work online. Why can’t we buy and manage our insurance online?

For around a decade, tech companies and insurers have been talking about just that: digital brokers.

According to insurance software provider Applied Systems: ‘A digital brokerage leverages modern technologies to connect its brokers, insurers, current policyholders and prospective clients. It automates business operations to transform into a paperless brokerage, saving time.’

In practice, digital broking can vary from an online insurance aggregator like iSelect and Compare the Market to artificial intelligence (AI) and machine learning-based software that human brokers can use to provide a multichannel customer experience.

Supply and demand

Digital natives — millennials and gen Z — comprise 51 per cent of the global population. While younger adults want and need the advice a broker can give, they also typically prefer to manage their lives online and on mobile. Or do they?

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