BizCover says it has seen a 105% jump in sign-ups to its BizCover for Brokers platform since the start of the covid pandemic as the Australian broking community embraces insurtechs to manage frustration with insurer service levels during tough market conditions.

Last year, 1218 new brokers joined the platform, which streamlines processes for brokers servicing SMEs, covering 6000 occupations and quoting multiple products from underwriters AIG, Dual, QBE, Vero, Point Insurance and Hollard.

BizCover for Brokers enables brokers to potentially get up to 17 quotes in five minutes from six insurers and then bind five policies simultaneously.

“I put our growth down to brokers adopting the unique offering of insurtechs and realising the problems we can solve through digital technology,” Head of Product, Channels and Risk Jane Mason said.

“The insurance industry, which has become infamous for being slow to change, is now moving faster than ever towards digitalisation.”

Insurtechs have offered solutions though issues such as the pandemic and border restrictions, near-zero migration, supply chain issues and insurers moving to hybrid workflows which have all slowed down service levels.

Brokers experiencing slow response times, a lack of communication and more restrictive policies as insurers battle rising premiums and adjust to virtual work are turning to insurtechs, BizCover says.

“We’ve delivered a solution that addresses many of the archaic transactions in the broking process and increases efficiency through automation,” Ms Mason said.

“Our solution seems to have addressed many of the qualms of brokers brought on by the current market situation. Rather than being frustrated by the continued upheaval in the service of some insurers, brokers now have the option to embrace technology.”