The insurance market is over 330 years old and has not changed fundamentally all this while. For years, even insurance distribution remained largely unchanged – relying primarily on independently a iliated agents and brokers. But now Insurers find themselves in a place where their very survival depends on abandoning legacy practices and leveraging technology to modernize their distribution networks.
The process of selling to and servicing insurance customers was for the most part based on “high-touch” customer encounters. These interactions consumed a lot of time and energy, requiring agents to educate and assist customers with their research and subsequent purchase of coverage for insurable risks. The usual method of establishing siloed relationships with independent agents was fraught with scalability and cost issues.
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