“This is not your father’s Oldsmobile.” This tagline is reminiscent of a time when auto manufacturing companies sought to redefine their brand and transform their product offerings—a time that some would say is happening right now in insurance technology.
Carriers, regardless of size, now have an opportunity to improve their presence and digital offerings within their distribution channel. Traditional frameworks for agency interface remain the backbone of most carrier distribution channels, but new solution providers are entering the market can improve the ease of doing business.
This new distribution ecosystem includes intermediary players that address different pain points. These include:
- Digital MGA/Wholesalers that simplify the submission and underwriting process among carriers for specific risk types and lines of business.
- Appetite Transparency platforms that use data and analytics to inform agents and consumers more effectively on the best fit of insurance products and coverages available to them based on risk profile.
- Submission Streamlining solutions that provide a consistent and often personalized experience for collecting application data digitally.
- Quote/Bind platforms that also evolved to have a greater customer focus and provide the framework for carriers to support multi-channel quoting experiences for customers and agents.
These emerging distribution connectivity offerings are expanding capabilities that can improve the buying experience for the customer, with the agent and broker in mind. Insurers can now access a versatile suite of services to differentiate themselves in their chosen market segments while improving customer and agent experience.
Some of the prominent providers in this space include Applied, Appulate, Ask Kodiak, Bold Penguin, Broker Buddha, DAIS, IVANS, Fluid Insurance Workflow, Indio, Insureon, InsureZone, Semsee, Tarmika, towerIQ, Vertafore, and Vlocity.
More information is available in Novarica’s recent brief, Distribution Connectivity Evolution: Overview and Prominent Players, which provides profiles of these companies and an overview of the new distribution ecosystem.
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