Trust the Tech
Smartphones. The internet. Memes. Technology has exploded in the past decade, leaving the insurance industry behind. However; the rise of InsurTech has allowed even the most traditional of insurance agencies and brokers to bridge this gap. And although a clear transition is happening, it hasn’t come without its challenges. Two of the biggest barriers: a difference in work culture and a lack of knowledge.
Yes, some insurance agencies continue paying by checks, faxing instead of sending emails, and keeping paper records as opposed to digital ones. Imagine paying for Netflix by sending in cash! The good news is, these agencies are in the minority. A recent study showed that 94% of insurers believe that “adopting platform-based models and forming digital ecosystems are critical to their success as a business” (“The Rise of Insurtech” – Roy Jubraj, Steven Watson, Simon Tottman).
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