The insurance technology space might be filled to the brim with investments and start-ups, but not all insurance companies are seeing an equal number of solutions coming their way. Insurance agencies, for example, likely don’t see as many tech solutions aimed at their business processes as carriers, wholesalers, and MGAs do – but that’s OK, says one expert.
“If you look at the industry, you have what is essentially a four-legged stool. You have your agents and brokers who represent the distribution (depending on the carrier) and are selling the products. They’re also the ones that own the relationship with the consumer,” said Becky Schroeder, chief marketing officer at Insurance Technologies Corporation (ITC). “Then you have your carriers and they’re the ones who fulfil that product and provide that coverage. They’re the ones that in the event of a claim work through the whole process with the consumer, so they’re the ones that actually control the price and the product.”
No matter what tech tools agencies want to implement, agency leaders first need to make time to analyze where plug-ins and solutions would be the best fit. Something to avoid: buying technology blindly without first doing this kind of analysis.
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