Modernization trends on insurance distribution
The insurance market is over 330-years old and has not changed fundamentally all this while. Certain forms of technology trickled into the industry but had no lasting effect on the core activities of the business. Insurance companies now find themselves in a place where their very survival depends on abandoning legacy practices and leveraging technology to modernize their distribution networks.
The forces that have traditionally shaped insurance distribution: legacy technology platforms, rising customer expectations, and lack of scale in direct channels now require insurers to pace their distribution and brace themselves for future requirements of sudden and unexpected upgrades.
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