Roadblock Ahead! MGAs’ Digital Plans Encounter Technology and Cultural Hurdles
Positioned at the intersection of retail agents/brokers and insurers, Managing General Agents (MGAs) and Managing General Underwriters (MGUs) have unique vantage points in the distribution ecosystem. As the MGA/MGU channel grows, these companies are investing in technology solutions to support the customer experience for agents/brokers and policyholders, as well as...
Core Systems Are More Critical Than Ever For Enabling Digital Transformation
It would be difficult to dispute how critical core systems are in the insurance business – they are the enablers of significant in-and-out interactions and help drive efficiency and profitability for an insurance company. Today, many insurers and MGAs are accelerating their transformational journeys by upgrading their policy, billing, and...
How My View of ChatGPT Changed in 90 Days… And What It Means For Insurance
When I was asked in late 2022 and early 2023 about the implications of generative AI for insurance, my reply was always two-fold. First, I advised that it is absolutely a technology space to monitor closely, given the rapid advancement, broad application, and unlimited potential.
Commercial Lines Distribution: Agencies and Carriers Diverge on Digital Investment Priorities
It’s not uncommon for agents/brokers and carriers to express frustration with one another. For many risks, especially those more complex, agents are prone to gripe about carriers’ submission process, which is often laborious and requires a lot of back and forth with the underwriter.
Tags: Distribution
Commercial Insurers are Approaching Strategic Initiatives Differently
If you were to ask us to describe the transformational activity of commercial lines insurers in the past few years, acceleration would be the first word to come to mind. But in 2023, another word may be more accurate—adapting.
Personal Lines Insurers’ Post-Pandemic Transformational Tech Plans
The COVID-19 pandemic was a catalyst for technological change across the insurance industry, especially within personal lines. Customers demanded virtual and digital interactions, so insurers responded by accelerating the development and investments in transformational technologies. Although it may not be accurate to classify our current era as post-pandemic, insurers have...
The Metaverse: Closer Than You Think or Further Than You Can Imagine?
The Metaverse was one of the major themes at CES2023, as evidenced by a wide range of sessions and tech solutions. The keynote from the Consumer Technology Association identified Metaverse as one of the top themes with the tagline of “Closer Than You Think.” I believe there are arguments both...
Distribution Technology: Where Personal Lines Insurers Are Investing Today
We say it often here at ReSource Pro Consulting: The personal lines segment frequently leads the insurance industry with deploying new innovations, particularly within distribution. Over the next five years, insurers focused on personal lines will likely continue to spearhead the distribution revolution through new technologies and channel strategies.
Tags: Distribution
The Evolution of Mobility and Transportation: What it Means for Insurers
In part one of this blog series, we discussed major trends spotted at CES, including mobility, electrification, sustainability, and digital experience. But how will these emerging trends impact P&C insurers now and in the future? I categorize the implications into the good, the bad, and the ugly below.
The Evolution of Mobility and Transportation: New Trends Spotted at CES 2023
CES has become one of the biggest auto shows in the world—but rather than focusing on new models and styling, the orientation is toward the most advanced technology capabilities and the user experience. Among the many sessions and exhibits featured this year, I spotted four interrelated themes.