This Weekly Round Up focuses on the agents and brokers in the insurance industry. Whilst we see the rise of Artificial Intelligence, the human factor continues to play a large role. Contributions from Strategy Meets Action, Knect365, Konsileo, Insurance Age and DigIn.
 

"Agents and brokers are dead. Wait. Not so fast"

For the past several years, a significant number of individuals and new-breed companies have emphatically stated that independent agents and brokers are dead. They don’t serve the needs of today’s consumers. They are behind the times from a technology standpoint. They are difficult to deal with. And a good number of InsurTech startups are staking their future success on displacing agents and brokers. 

Strategy Meets Action doesn't believe this to be true. Find out why in their article.

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Read the article on Strategy Meets Action

"Cutting edge broking"
 
“Gillette, the best a man can get”. When Bic entered the shaving market offering low-cost, disposable razors and saw their presence grow significantly, Gillette could have carried on regardless; happy with the way they were doing things, refusing to adapt to a changing market where people wanted something different from the status quo. They could have chosen to compete on price, sacrificing quality. But Gillette didn’t. They innovated and redefined their offering. 

This anecdote has important message for the insurance industry when it comes to disintermediation; it needs to continue to adapt to stay relevant to their customers and what they want. 

"The future of work in insurance" 

The future of work is a hugely relevant topic for an industry built around face-to-face relationships. Insurance is plagued with headlines of ‘AI taking over the world’ and ‘Robo-advisors are here to stay’. However, the commercial insurance space is still dependent on people given the heterogenous nature of the data that needs capturing. Beyond this, clients are still reluctant to insure their businesses via online means, particularly once their business reaches any level of sophistication and complexity.

For insurance brokers, a role still very much exists but given the negative impact the current organisational structure has on client servicing it will likely take on a very different form…

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Read the full article 

"MGA's: is biggest best?"

The strategic impact of the fact that the internet has allowed consumers immediate and stress-free access to choice debunks the theory that bigger is better when it comes to the insurance industry. The inability for large insurers to take advantage of their dominant market positions was initially blamed on ‘compliance’ and the ever increasing burden of regulation. The other factor that plays a role is technology. What can insurers do to solve this issue? 

 

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 Read the full article

 

"Recognizing agents' role in insurance digitilization" 

It isn’t just insurance carriers and insurtechs that are driving the digital insurance movement. A key element of this trend is the evolving roles of agencies. The insurance industry was, and remains, a human-powered social network of agents and brokers, who regularly interact face to face with customers, building relationships, providing product education and being available when needed. As digital technology enters the agency space, this real-life social aspect must be preserved, and any innovations need to be geared toward enhancing and preserving those relationships. “Disruption” is not sought here – instead, it is “delighting.”

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Read the full article

     

That's it for this week's Round Up. Have a great weekend.

Topics: Round Up, insurtech, insurance

The Roving Roundcube Reporter

Written by The Roving Roundcube Reporter

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