Changing a tire at 60 mph

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Insurance carriers have traditionally been wedded to a top down model of market distribution but today there is an enormous sea change as this model is upended and the consumer is having more and more say about how these things operate. Expect the emergence of new underwriting entities as highly funded, well-heeled non-insurance  entrepreneurs armed with great technology challenge existing models at the retail level. There's also likely to be a proliferation of products addressing micro-risks, small slivers of risk that aren't insured right now, as business is driven from the bottom up rather than top down. Renaissance Alliance principal Bruce Cochrane looks at the changing insurance carrier landscape and how the industry is being challenged and transformed by evolving technologies and the explosion of data.

Insurance carriers have traditionally been wedded to a top down model of market distribution. Since the dawn of our industry, insurance companies have defined the products that they want to write and deliver. Insurance agents then scramble to match what the carriers want to underwrite with the prospects out in the field. Matching prospects with carrier appetites is a daunting challenge for agents at best and, at worst, a frenzy of marketing and placement insanity.

But today, there is an enormous sea change as this model is upended and the consumer is having more and more say about how these things operate. Expect the emergence of new underwriting entities as highly funded, well-heeled non-insurance entrepreneurs armed with great technology challenge existing models at the retail level. There’s also likely to be a proliferation of products addressing micro-risks, small slivers of risk that aren’t insured right now, as business is driven from the bottom up rather than top down.

These are just a few of the market changes that Renaissance Alliance principal Bruce Cochrane predicted when he recently joined George Nordhaus for a far-ranging discussion in a half-hour segment of Monday Morning podcast. The discussion focused on  the changing insurance carrier landscape and how the industry is being challenged and transformed by evolving technologies and the explosion of data. Cochrane likened the challenges facing carriers to changing a tire while traveling down a highway at 60 miles an hour — critically necessary to continued operation. He focuses on the ways that data and technology are contributing to those changes and explores some of the benefits that new technologies like artificial intelligence can offer to future operational efficiencies.

You can find the podcast here: Changing Carrier Landscape – Data and Artificial Intelligence

 

For a prior edition of Bruce Cochrane joining George on the Monday Morning podcast, see The Future of Independent Insurance Agencies: Jumping Off Cliffs and Learning to Fly.

 

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About Renaissance Alliance

Renaissance Alliance is the premier alliance for independent property casualty agencies. Founded by agents for agents in 1999, we are a pioneer in agency groupings, offering far more than expanded markets and profit share. Distinct from agency aggregators, we provide state of the art technology solutions, a full-time staff of more than 90 industry experts and a proprietary agency growth acceleration process that delivers superlative results.

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