InsurTech: Changing the E&S Landscape
“The insurance industry is a slow adopter of technology” in the past 20 year. It’s
particularly true in E&S, but with the emergence of InsurTech that’s starting to change!
Lauri Klotz, Vice President of Engagement 
It would take more than my fingers and toes to count the number of times it’s been said, “The insurance industry is a slow adopter of technology” in the past 20 year. As E&S is more complex than standard insurance, Insurtech has been slower to emerge within the E&S sector; however, that’s starting to change!
The word InsurTech gets tossed around a lot these days, so let’s start with a definition – the emergence of new technologies that are changing the insurance industry by reducing costs for consumers and insurance companies, enhancing customer satisfaction and improving efficiency. Now, there are lots of different types of InsurTechs – rating engines, appetite solutions, payment solutions and ‘other’.
Retail agents gain efficiencies via a single destination where they can research policy needs, receive multiple quotes and tailor coverage for their insureds online.To date, the primary focus of InsurTech has been on consumers by making the process of buying insurance easier and more convenient, and enabling insureds to research and purchase a policy online without ever having to visit an insurance agent. Unfortunately, due to the more complicated nature of E&S, the industry has lagged behind with helping retail agents. This is particularly true when it comes to small commercial business – a category that’s difficult to write, and even harder to do so efficiently and profitably. After all, how do you make a profit on a piece of business that needs to be touched multiple times, by multiple employees, but doesn’t bring in a lot of revenue?
Retail agents gain efficiencies via a single destination where they can research policy needs, receive multiple quotes and tailor coverage for their insureds online.
When to Adopt
How does an agency decide when it’s the right time to embrace InsurTech? The answer varies, yet tends to have a common theme:
- When you want to increase your ROI on your small commercial business
- When you’re seeing a lack of efficiency in your processes
Choosing the right technology solutions for your agency is key. Look for a trusted expert whose focus is on helping you save time spent on administrative tasks like collecting signatures and loss runs, filling out ACORD forms and supplemental applications; and streamlines access to multiple carriers.
Choosing the right technology solutions for your agency is key. Look for a trusted expert whose focus is on helping you save time spent on administrative tasks like collecting signatures and loss runs, filling out ACORD forms and supplemental applications; and streamlines access to multiple carriers.With the right solutions you’ll have more time to grow your book and focus on your clients; giving them the attention they deserve.
The Time Is Now
With the ever changing insurance landscape and our fast paced digital world, it’s time for retail agents to harness the power of technology. Go grab a cup of coffee, do some research, and make sure you’re choosing the RIGHT solutions to help take your agency into the digital age.
