“Over the decades that I've been working, I've sadly noted how businesses of all stripes misuse words.
1. Once a car is driven off the lot it is used, not pre-owned
2. A customer is someone who takes money out of their wallet or purse and sends it (in our case) to the insurance company. Agents, brokers, and financial advisors are important elements of the distribution channels, but they are not customers.
3. A technology firm is not a 'partner.' Technology firms are suppliers to insurance companies. Insurance companies should always be asking themselves: How can we achieve agility/flexibility in our target markets and be ready to change suppliers as quickly as possible. Insurers do not exist to generate revenue for technology firms.”
Barry Rabkin is principal analyst, insurance technology, for Ovum.
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