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ITA Pro Weekly, September 10,2020

Talage and the agent/carrier connection, three things to know about no-code, the future of insurance distribution, and more…

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For years, many in the independent agency space have expressed concern that apps and online platforms will replace them. Can the independent agency system coexist with this technology? Adam Kiefer, CEO of insurtech Talage, is so committed to the agent/carrier relationship that he’s aligned his company with four regional Big I organizations to provide digital tools to member agencies. In a recent Electronic Chat, he looks at how insurtech is not replacing, but enhancing how insurers and agents serve the customer – but understanding the industry’s infrastructure is key.

“There are many insurtechs targeting agents as their primary customers, including Talage. Those with founders who do not have an insurance industry background simply see insurance distribution channels as an easy mark for disruption. Having worked in insurance for much of my career, it was important to me that Talage empower agents instead of attempt to further disintermediation efforts in the industry. Today, we are enabling agents to write small business coverages profitably, helping them grow their businesses, and improve overall efficiencies through the application or utilization of technology.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

The term “no-code” is on the lips of many in the insurance, tech, or fintech space. But what are the basics involved in this technology, and how can your company benefit from using it? Guest blogger Cristiano Moraes da Silva, head of business development for Latam and part of the global U.S. team at no-code platform provider Innoveo, breaks down how it works into three major points.

“In my experience working with digital transformation teams around the world, unfounded fears, or even the lack of knowledge about no-code solutions used to limit the discussion of this software development approach. Fortunately, we now see this scenario changing. As this recent pandemic taught us, those who can react to changes faster and grow their business to be more resilient will have a competitive advantage in the market. In the post-COVID-19 economy, adapting no-code or low-code platforms won’t be a question of disruption, but rather a natural industry evolution, a matter of business survival.”

 

When it comes to buying auto and life insurance, the generation gap is greatly exaggerated. According to the most recent research by Majesco, the agent and broker channel is still the preferred method for completing the transaction, from baby boomers to millennials. But that doesn’t mean it’s the only way they’re buying it. Younger generations in particular are open to buying insurance from a wide array of options, whether it’s part of the car-buying process, or through a website or app. Guest blogger Denise Garth of Majesco examines why insurance leaders are choosing to take a multi-channel approach when it comes to distribution, and looks at several recent examples.

“Market boundaries are no longer clear. They are shifting and, in some cases, evaporating. The combination of technology and customer expectations is directly impacting insurance by altering the traditional ecosystem of agents and brokers – who, yes, are still relevant – to have insurance embedded or sold differently across a broader ecosystem including automotive, transportation businesses, big tech and more. By doing so, these partners are breaking down business and market boundaries to make the ecosystems operate fluidly, based on the customer needs and expectations for both the risk product and other value-added services. This, in turn, creates greater value for these insurers due to new revenue streams and access to a broader market through the multiplier effect.”

 
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