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SURVIVAL SKILLS… LESSONS FOR AGGREGATORS AND CARRIERS

SURVIVAL SKILLS… LESSONS FOR AGGREGATORS AND CARRIERS. What Have We Learned?. Many who set out to restructure the industry…..well… Expectations and speculation far out stripped companies ability to deliver.

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SURVIVAL SKILLS… LESSONS FOR AGGREGATORS AND CARRIERS

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  1. SURVIVAL SKILLS… LESSONS FOR AGGREGATORS AND CARRIERS

  2. What Have We Learned?

  3. Many who set out to restructure the industry…..well… • Expectations and speculation far out stripped companies ability to deliver. • We all feel a little satisfaction that those smug, over night, multi-millionaires finally got a dose of reality.

  4. First to Market vs. First to Deliver – there is a difference. • For auto insurance accurate, real-time, quoting and binding is a lot harder than it looks. • The internet has fundamentally reshaped brokerage and term life industries, while it has the potential, to date it hasn’t reshaped the P&C industry.

  5. As shopping gets easier, rating/underwriting gets more transparent. The smartest, most efficient companies will win disproportionately. • This portends a massive shift in power from companies (limited distribution, difficult shopping and comparing) to consumers.

  6. What Do We Need To Learn?

  7. Internet users, will they have different loss ratios, retention or learn to “lie”, uh game, the on-line underwriting/rating systems?

  8. How fast will consumers adopt the internet to shop and buy?

  9. How big of a role, if any, will aggregators play? • Can companies make money with aggregators, given the rate of arbitration?

  10. Why Some Are Postponing… Attendance At The School of “Hard Knocks”!

  11. They have confidence that their agents, brand or bundling of products mitigate the risks. • They can’t (or won’t) address the channel conflict that will occur if they change how they sell their products.

  12. It’s hard, it may require total re-engineering of business process (e.g. you can’t have a person underwrite business written on-line). • It’s hard, on-line rating and binding requires technology elevation and integration. These resources are already committed elsewhere.

  13. Aggregators are generating business, but is it profitable? • As yet, aggregators are not profitable, will any survive?

  14. Every day, consciously or unconsciously, your company is deciding whether to re-engineer your business around the internet. Your company might want to think about…

  15. Our industry isn’t very facile, it takes time to get things done. • Your competitors are elevating real-time quoting and buying.

  16. Consumers are starting to use the web to shop for term life, and personal line insurance.

  17. Growing numbers of companies are working with aggregators. • Some companies have gone so far as to invest in aggregators.

  18. Your and your co-worker’s careers, and jobs, will be affected by what you do when you leave this conference…

  19. Challenge your assumptions, make conscious decisions!

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