As insurance and financial services evolve technically, the local sales model will change. What’s the future for insurance agents, financial advisors, and others with local expertise and contacts? On-demand doesn’t mean they sit and wait for calls, it means they will deliver personalized offers in trusted, intimate sales situations.
As a result, collaboration between traditional players and insurtechs is likely. Some 75% of insurers stated that insurtech capabilities would help them serve customers, with over half citing personalising products as an example.
“Increasingly, partnerships are being viewed as a welcome development in the ongoing effort to address the insurtech movement,” said Jack Dugan, head of insurance at Capgemini. “Insurtechs can help incumbents overcome roadblocks such as ageing systems and paper-based processes. Meanwhile, incumbents can help insurtechs face newcomer challenges, like high customer acquisition costs and a lack of risk management experience.”