Post-sale, agents handle important touchpoints for policyholders, such as reviewing coverages, renewal decisions and helping with claims when there is a loss. (Credit: Drazen Zigic/Shutterstock)
Much has been written about the coming end of the traditional agent channel as the primary means of purchasing insurance. Consider these statistics and trends:
- Online commerce is growing at 15.5% per year over the past five years, while brick and mortar business grew at only 3.5% (source: DigitalCommerce360)
- Startup carriers such as Lemonade, Hippo, Next, Root and Neptune Flood have achieved significant market share in the renters, homeowners, small business and flood markets, respectively, due to their digital models, ease of use and disruption of the traditional channels.
- Direct-to-consumer models, meaning no-agent-involved, are growing rapidly in all lines of the insurance business.
What does this mean for agents? Should they close up the office and call it a day, like saddle makers of the early 1900s?
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