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Very few carriers are thinking about creating platforms yet, but there are some pioneers who are already making significant strides.
The next few years will bring big changes to the agency tech world, adds Ron Berg, executive director at the Agents Council for Technology (ACT). “There has never been a better time for our distribution channel because of the technology advances that our carriers are making and the investments by the technology vendors. Do we have a long way to go? Yes, but we’re seeing more willingness by independent agents to adopt technology advancements than ever before.”
We estimate that the world is at least one-third underinsured, and simple products like this are examples of how to fix that problem. The clever use of data makes this a simple and customer-friendly product that will likely result in more travel insurance policies for Chubb.
Agents who use both systems will be able to sell more products directly to consumers via the Dais digital storefronts, which are configurable, consumer-friendly online sales experiences that can be personalized for targeted markets and distributed through online marketing and embedded insurance partnerships.
Customer experience is everything in claims, and using AI to make the process easier and faster for the customer will lead to improvements in overall customer satisfaction.
Traditional insurance has many issues, and the money flowing into Insurtechs is evidence of the huge growth possible for companies that solve those issues.
Technology isn’t the only tool available when we look at complex problems, such as personal lines, and behavioral economics is another way we can help solve industry problems.
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