With insurtechs looking to sidestep the role of insurance agents and brokers by selling directly, a wave of tech startups are looking to help insurance agents and brokers compete. In this Market Map, we look at companies working on tech for virtual agent tools, submission forms, customer support, and more.
Just a few years ago, a flurry of insurtech companies selling directly to consumers and businesses seemed to signal a rapidly diminishing role for insurance brokers and agents. But that hasn’t exactly happened — at least, not yet.
In fact, 62% of all property and casualty insurance products in the US are still purchased through an independent broker or agent, according to Independent Insurance Agents & Brokers of America. However, insurtechs are still upping the standards for customer service, fast onboarding, and comparative shopping. Agents and brokers now even find themselves leaning on insurtech solutions to remain competitive in the market, particularly as agencies that use digital tools see higher customer satisfaction levels, according to a recent JD Power survey.
And new technologies are emerging that give agents and brokers even more ways to automate their back-office operations while improving the customer experience.
Using CB Insights data, we identified 108 customer acquisition & servicing tech companies addressing 10 technology priorities for insurance agents and brokers, from agency management systems to loss control solutions.