While the COVID-19 pandemic and the ensuing economic downturn have prompted consumers to curb their spending, consumers are increasingly mindful of risk and therefore more inclined to purchase insurance. A recent survey conducted by Lightico and Sapiens found that a fifth of consumers are exploring purchasing new auto, home and life insurance products amid the […]
Workers’ compensation pre-COVID was an extremely competitive market and now, as we’re in the midst of COVID, continues to be a highly competitive line of business. With declining payrolls, insurers are looking for ways to differentiate and retain their existing book of business while finding ways to attract and grow new business. Well, I have an idea […]
If agencies can’t do a better job of explaining their value, better marketers will convince consumers they are more ethical than you. A recent press release from an insurtech caught my attention and ire. What first caught my eye was how the startup measured success in coverage placed, i.e., total policy limits rather than premiums […]
We like to joke that we started an insurtech because we wanted to make money as slowly as possible. It’s an exceedingly painful joke. We were asked recently to discuss issues that insurtech companies face. We came up with five things that stand between insurtechs and success. Here they are, but, please note, your mileage may differ. […]
When discussing acquisition strategy with producers, I’ll often hear them say, “Yeah, we compete on price, but we retain on service.” The fact they even make this statement is a sign they know price alone isn’t enough. Yet, they don’t take the time to build a sales process that takes the decision away from price alone. Price is always […]
