Creating an online lead ecosystem for insurance agencies

Key quotes:

• "You’ll also find captive agents, independent agents or brokers, wholesalers, direct telephone sales, the Internet, affiliates, carriers, and carrier-like entities selling various products."
• "We classify insurance distribution startups using four groupings: lead generation, agency/brokerage, managing general agency (MGA), and carrier."
• "Today, lead generation operators sell to a variety of third parties, including online agencies and digital sales platforms."
• "Let’s consider a few key attributes of lead generation providers: Entities in the agency/brokerage group (also called “producers”) come in a variety of forms, including independent agents, brokers, captive agents, and wholesale brokers."
• "Independent agents represent a number of insurance carriers and can sell a variety of products."
• "Brokerages are very similar to independent agents in their ability to sell a variety of products, but with a legal distinction — they represent the buyer’s interests, whereas agents represent the carriers they work for."

Key quotes:

• "In this blog, we will be discussing how the disruption of insurance technology will affect insurance agents as well as agencies."
• "We’ll also look at Insurtech trends in 2020 and ways you, as an agent, can make the most out of it."
• "According to Investopedia, Insurtech is all about using technology-driven innovations designed to boost savings and enhance efficiency from the current insurance industry model."
• "However, big data and machine learning are technologies that are mostly used by insurers, not agents."
• "The takeaway- insurance technology does not replace insurance agents but rather help them provide better customer service."
• "As a result, agents can better understand customer behavior and use this data to determine specific policies to sell to target markets."

Key quotes:

• "China Pacific were able to revitalize their collaboration system by focusing on their field-work office-work teams through Alibaba’s DingTalk messaging platform, which, besides messaging, also features a large variety of business-oriented functions."
• "With the improvement of their external service capabilities, the company requires efficient collaboration between its field-work and office-work teams."
• "CPIC DingTalk helps China Pacific Insurance Co., Ltd., transform its management mode to improve operation management, conduct efficient organizational collaboration, and implement office digitization."
• "Moreover, DingTalk also provides a convenient and easy-to-use work-attendance statistics tool, which can help to standardize routine work and improve the execution capability of the business-oriented field-work teams."
• "DingTalk enables the enterprise-oriented office work team to edit shared files in a collaborative and efficient manner."
• "Three requirements were raised: (1) allow the business-oriented team be able to retrieve organizational architecture information from DingTalk in real time; (2) store frontend data, such as chat information, locally; (3) delete the information permissions of field work team members after resignation."

Key quotes:

• "Open Platform Solution (OPS) is a platform that enables customers, as well as agents and advisors, to get a complete 360-degree view of all available coverages and costs."
• "This platform will simplify the customer experience, enhance customers’ visibility of insurance product offerings and create growth opportunities for advisors and carriers alike."
• "Insurtech start-ups are exploring avenues that large insurance firms have less incentive to exploit, such as offering ultra-customized policies and using new streams of data from internet-enabled devices to price premiums according to observed behavior."
• "Armed with the proper value proposition, a carrier/company can deliver its products and services through an ecosystem of distribution."
• "In the conclusion to its 2019 Insurance Industry Outlook, Deloitte states that the winners in the race to become the insurers of the future will likely be those who understand how to change in the way that best suits their particular company and business to create competitive advantage in this new world."

Key quotes:

• "Evolution of the Insurance Industry Traditionally, digital transformations began with insurance businesses creating portals that provided customers more information about the company and their insurance products."
• "These portals were mainly the online face of the business and did very little besides gathering basic customer information, which was then fed into the organization’s traditional sales channel."
• "Mainly, insurance companies need digital technology infrastructure specifically designed for insurance business functions."
• "A digital insurance platform is an integrated set of business technology modules which can be plugged in or out as needed, thus helping insurers adapt to changing business requirements easily, quickly and more efficiently."
• "The Cogitate Advantage Cogitate Technology Solutions’ Digital Insurance & Engagement Platform (“DIEP”) provides a solution that caters to the complete value chain in the insurance domain and caters to every need arising from the digital evolution over the years."
• "It provides technology not just for the basic business functions required by the industry, but offers innovative solutions that allow insurance carriers, MGAs and agents to build a seamless digital insurance ecosystem that meets their specific needs."