Technology - Electronic paper trail
While technology was not widely embraced by brokers and insurers initially, recent years have seen the tipping point. Phillip Bell charts the progress of IT and attitudes towards it, from fad to necessary evil, to business essential
In the late 1970s, a radical alternative to processing and transacting insurance, from the paper-based methods of old, emerged. Kevin Lomax, founder and now chairman of IT provider Misys, was one who shared this vision and saw the great opportunity to make the insurance industry more efficient. And, by 1979, the first electronic systems for brokers were introduced.
This new technology offered brokers the opportunity to reduce costs and gain a competitive advantage. The first broker system of its
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