Hiscox USA has been selling commercial-insurance products direct to small businesses since 2010, and while the company has bet on a bright future for this distribution method, CEO Ben Walter still believes in the value of agents and brokers as well.
“What I caution against is thinking of [the direct and broker channels] as mutually exclusive competitive segments,” Walter says. “I think they're complimentary.”
Some business, he says, lends itself to the direct channel while other business does not. If it's all done the right way, says Walter, selling some commercial business direct frees brokers up to become true risk advisors for the businesses that really need it.
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