How Agencies Must Embrace Tech in 2019
Article by Mike Furlong for Insurance Thought Leadership
From the article:
"When is the last time a P&C insurance application or renewal was a simple and comprehensive process? Chances are the applicant spent hours going through extensive and repetitive paperwork, much of which was the same information that was provided last year. The insurance agent likely spent an equally lengthy amount of time reviewing, reminding and processing. While some insurance agencies have made updates to embrace disruptive digitalization to alleviate these problems, most are still woefully out of date — causing incredibly inefficient work, unorganized communications and old-fashioned experiences for customers. The industry has reached a breaking point: Embrace insurtech or be left behind.
The U.S. accounts for $558.2 billion across P&C insurance, and changing trends have created a chance to establish a robust technology plan and take the necessary steps toward better business to compete in a highly competitive market. Established insurance agencies need to invest in insurtech if they want to compete with lean, mean and hungry startups. By leveraging new technology, agencies can address persistent challenges and take advantage of new opportunities."