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You are passing up maybe $1,000 in commissions per client if you aren't cross-selling instant-issue term life insurance policies that don't require a medical checkup.
While insurtechs are struggling, established brokerages have deep industry knowledge and solid businesses from which to build and evolve technology solutions.
"Agents also have to be more digital and more connected.... It’s getting harder to compete as a mom-and-pop agency if you don’t have the kind of digital platform, the digital tools, the analytics to understand customers that everybody else has."
As competition heats up, a simple policy add-on that costs just a few dollars each year is a hidden tool in the agent’s toolbox: the roadside assistance policy rider.
Even though agents are thriving, direct distribution will significantly increase, insurtech will play a big role in reshaping distribution and big tech companies will enter the space.