Blogs & News
Today, with Dais, his team built a platform enabling API connections. Agencies communicate with carriers and policyholders for a host of services (e.g. CSR responsibilities) and expertise (e.g. underwriting). “Agents are entrepreneurial, ambitious, competitive and they want to drive the industry,” he says.
2020 has been a challenging year for everyone. The pandemic has caused millions to lose their job, upended the economy, and inflicted untold emotional damage on many families. Social unrest has created division, stress, and has caused many more businesses to shutter, many never to return.
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.”
One key area of growth is embedded insurance, an opportunity of which consumers are overall in favor. Building connections that enable insurance sales and servicing within other products—property insurance as part of the loan process, for example—is a growing trend that we’re watching closely.
There is a general lack of product innovation, forcing insurers to increase rates, which in turn has negative consequences for everybody. Product innovation is a powerful lever to manage risk proactively when trends are changing…
Autonomous vehicles create a new litigation problem that is yet to be faced by the insurance industry: among the driver, the AI, the manufacturer and the operator, who will be responsible when something goes wrong?
The labor shortage is forcing companies to adapt and find innovative ways to fill staffing needs. One fun example of this is Matradee, a robot capable of opening kitchen doors and delivering food to tables.
Know how tech is impacting insurance.
Get the weekly email that gives you tech insights on important industry trends and stories. Stay informed and understand insurtech, for free.