Insurance Distribution Blog
We like to share information about insurance distribution including the latest trends, customer perspectives, studies and surveys.
If you have a something to tell us, then let us have it. Thanks for reading!
- Insurance Distribution Tech: Innovation Boon?What is the current state of distribution technology and technological readiness in the P&C Insurance industry today? Is it a boon or barrier to innovation? Does it matter? There is significant investment in both new Insurtechs and by incumbent insurers, agents and brokers in distribution technology. Why the statement above should matter is where is… Read More »Insurance Distribution Tech: Innovation Boon?
- Time for Insurance to Replace the FlatheadCurrent insurance industry technology for many companies is like the “New” Ford V8 Engine (AKA “Flathead”) introduced in 1932. It was a breakthrough for a multitude of reasons: A better design for greater efficiency than anything else, even way above it, in the day at a price that could not be beat. Ford sold 298,647… Read More »Time for Insurance to Replace the Flathead
- 5 Trends Influencing Profitable Growth in InsuranceThere are forces that are quickly changing the insurance distribution landscape. This is good news because innovative insurers and brokers can take advantage of these forces…
- Unprecedented Broker OpportunityIncrease profit margins by 100% or more, operate with a competitive advantage in larger commercial affinity groups and give customers what they want. The Insurance Fulfillment Platform (IFP) delivers a multi-carrier Real-Time customer insurance experience. Unique cloud-based RPA technology enables a 100% Real-Time customer experience of quote, issue, change and renewal from all insurers. The… Read More »Unprecedented Broker Opportunity
- Direct-to-Consumer 2.0We are talking about a multi-carrier Real-Time customer insurance experience.
- How to Accelerate Insurance InnovationTechnology alone can’t create innovation. Insurance Innovation, specifically, happens when the business champions (the doers) solve problems…
- Digitizing Insurance: “Get a horse!”(Originally published 4 years ago, I wanted to repost because this is still what insurance looks like today. In fact, this was the genesis of Awywi to prove that anyone, including both Dominik and I, could digitize the insurance distribution vertical. – Steve) “Get a horse!” people would yell in the early 1900’s as motorized… Read More »Digitizing Insurance: “Get a horse!”
- Insurance Customers Are Changing, Are You?You must notice that insurance customers are changing. They have been changing for years now. Technology has played a significant role in this change: Customers are savvy because they can instantly access more information via the internet. Customers have a much larger voice than they once did through social networks and other information sharing portals.… Read More »Insurance Customers Are Changing, Are You?
- Is Direct or Agency Distribution Better For Customers? Neither.Another direct-to-consumer insurance platform has launched in North America claiming that “unmet demand for simple and fast digital insurance services in today’s connected world. Savvy insurance customers want the option to research, compare, and buy easily online”. A growing segment of customers want the option to buy easily online. However, as with any direct insurer,… Read More »Is Direct or Agency Distribution Better For Customers? Neither.
- Is Insurance Ready for a Perfect Storm?A perfect storm is an event in which a rare combination of circumstances drastically aggravates an event. We are in a 4th industrial revolution. A technology driven revolution which led to the term “Insurance 4.0”. Insurance 4.0 is defined as a collaboration among insurance value chain stakeholders in a real-time environment using internet and networks… Read More »Is Insurance Ready for a Perfect Storm?
- How to Win Insurance Customers in 2021Customers Want to Pay Less for Insurance: Learn How to Make that Happen A recent study by J.D. Power suggests that the number one driver of insurance customer satisfaction is the price factor. A study by LexisNexis on insurance customer behavior sums it up this way: “When [insurance] consumers shop, price outperforms loyalty” and further… Read More »How to Win Insurance Customers in 2021
- Technology Newsletter October 2020Click here to download the pdf, or read the web version below.
- Price Is a Winner with Insurance CustomersOver the past 5 years the insurance industry has seen a frenzied intensity of new entrants all vying to unlock opportunities that newer technologies represent. Yet, there has been no clear winners or losers as insurance stubbornly plods along on its change resistant path. Whether that is good or bad depends upon your perspective. The… Read More »Price Is a Winner with Insurance Customers
- Insurance Distribution Newsletter Fall 2020Click here to download the pdf, or read the web version below.
- How to Measure Insurance EfficiencyDespite advances in technology, insurance customers continue to endure the financial burden caused by lack of insurance innovation. Either no one likes to talk about it, or it is just not sexy enough to write about. Most are thinking with investment pouring into insurance startups how could anyone declare that innovation is dead in insurance.… Read More »How to Measure Insurance Efficiency
- Insurance Leaves Customers Wanting MoreAugust 19, 2020 Consumers have changed. They would have anyway, eventually, however, Covid-19 has sped up the change for buying behaviors and expectations. More emphasis on value and convenience with many more customers for all products moving quickly to on-line fulfillment during this crisis. McKinsey & Company released a thought-provoking article, Meet The Next-Normal Consumer… Read More »Insurance Leaves Customers Wanting More
- Insurance 4.0The 4th Industrial Revolution – what does this mean for insurance? A phrase we see sneaking into our industry is “Insurance 4.0”. Everyone has their own take on what this means. I thought a quick look back on history to revisit the 3 prior industrial revolutions compared to significant “inventions” that impacted insurance might be… Read More »Insurance 4.0
- Covid-19 is Changing Insurance Customer BehaviourApril 7, 2020 In the distant past I didn’t think on-line insurance buying was really going to happen. There seemed a clunkiness about it, had kind of a “fly-by-night” feeling even if it was an insurer that did (or not) have a brand attached to it. That was then and things have changed as technology… Read More »Covid-19 is Changing Insurance Customer Behaviour
- The Coronavirus; A Litmus Test for Insurance?May 26, 2020 The immediate and direct effect of Covid-19 on the insurance industry is obvious and broad reaching. For many reasons, insurers must consider their ability to operate during the pandemic as an indication of their preparedness for the future. From claims implications from coverage to non-coverage to the financial uncertainty caused by direct… Read More »The Coronavirus; A Litmus Test for Insurance?
- It’s 1987 Again? The Insurance Industry in CrisisMarch 15, 2020 The P&C insurance industry is in crisis today. Though you would hardly notice it. For the past 30 years, the numbers don’t lie, OSFI’s Aggregate P&C Industry data shows that the industry expense (acquisition) remains at 30%. Amazing that with all the advancements in technology, since I started in 1987, that needle… Read More »It’s 1987 Again? The Insurance Industry in Crisis
- Insurance and InnovationMarch 3, 2020 Why Insurance Needs to Innovate Late last year AM Best released their new methodology and criteria on scoring and assessing innovation. “Innovation is becoming increasingly critical to the long-term success of all insurers. With innovation, companies can develop sustainable competitive advantages and better respond to external challenges such as evolving consumer preferences,… Read More »Insurance and Innovation
- Awywi is NOT an Insurance Quote Comparison WebsiteFebruary 1, 2020 Seems like everybody’s got a priceI wonder how they sleep at nightWhen the sale comes first and the truth comes second… Jessie J & B.o.B A cursory glance may give the viewer the idea that Awywi is just another insurance price comparison website. This is not what Awywi is. Awywi is a proprietary insurance… Read More »Awywi is NOT an Insurance Quote Comparison Website
- Customer First PrincipleJanuary 2, 2020 First Principle: A basic, foundational, self-evident proposition or assumption that cannot be deduced from any other proposition or assumption. Permanent linkAuthor: Wikipedia contributorsPublisher: Wikipedia, The Free Encyclopedia To read an interesting article on Elon Musk and First Principles thinking please visit this page; What if insurance were invented today? How would that look?… Read More »Customer First Principle
- Any Way You Want ItDecember 19, 2019 Today’s customers are more informed, with better access to technology and abilities to use it and have higher expectations beyond insurance industry standards. Expectations gleamed from experiences in other industries. Customer expectations and satisfaction relative to responsiveness are not necessarily set by a company’s competitors in their industry. A customer calling into… Read More »Any Way You Want It
- Insurance Distribution Newsletter Fall 2018What is happening in Insurance distribution? Are comparative Web Rater websites disruptive technology? What is an Insurance Ecosystem? Read on to learn more…