Titans of the Insurance Industry Share Their View of the Future
October 6th, 2022
Like other industry disruptions preceding it, the InsurTech movement was widely viewed as a threat to the existence of the independent agency channel. Thus far, the independent agent has proven to be an invaluable component in meeting client needs and expectations. Still, technology advances are the ecosystem in which they must operate – together with their carrier and digital partners. In this panel, leaders representing the three components of this dynamic, IA’s, carriers, and tech, share their thoughts on how to make the customer journey a smoother one and why collaboration is a win-win for all parties. Don’t miss this conversation…
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Titans of the Insurance Industry Share Their View of the Future
Like other industry disruptions preceding it, the InsurTech movement was widely viewed as a threat to the existence of the independent agency channel.
Thus far, the independent agent has proven to be an invaluable component in meeting client needs and expectations. Still, technology advances are the ecosystem in which they must operate – together with their carrier and digital partners.
In this panel, leaders representing the three components of this dynamic, IA’s, carriers, and tech, share their thoughts on how to make the customer journey a smoother one and why collaboration is a win-win for all parties.
Don’t miss this conversation…
Episode Highlights:
Ryan introduces his guests: Amy Zupon, CEO of Vertafore, Tyler Asher, President of IA Distribution for Liberty Mutual, and Matt Masiello, CEO of SAA.
Amy Zupon mentions that the increasing amount of M&A in the industry is catching her attention right now. (8:50)
Amy Zupon explains that there is a huge amount of money invested in the space right now, and she sees this trend continuing. (11:07)
Matt Masiello shares that we are currently seeing a lot of exclusive business channels being converted to independent agency channels. (13:25)
Tyler Asher explains that in the next few years, what he sees is better quality service and continuous growth in market share. (15:55)
Matt Masiello believes that small businesses need to be a part of other organizations to remain small and independent.(22:27)
Amy Zupon explains that as a software company, they believe in an open platform, and they belong to groups where they participate with tech companies that are similar to them. (27:12)
Amy Zupon explains that the Orange Partner Program’s concept is to be open and to establish relationships because the partnership is about trust and communication. (33:06)
Matt Masiello mentions that partnership has two bookends, first, you have to like your partner, and second, you have to have the same goal as them. (37:40)
Tyler Asher shares that the agents, carriers, technology providers, and vendors still have a lot of work to do when it comes to integration. (45:24)
Tyler Asher explains that retention is materially higher when customers engage in online digital capabilities for service. (54:24)
Matt Masiello shares that the two things independent agencies can do to scale their business are lead generation and digitization. (57:47)
Key Quotes:
“We did start that Orange Partner Program with the philosophy of being open and building on relationships and collaborating with others to build things.” – Amy Zupon
“To really grow, it means taking a look at the digital resources that are out there and getting them into your agency, which includes building a digital brand, whether you’re in a geographic market, or a digital market.” – Matt Masiello
“I think right now, the biggest gap is making sure that we’re serving customers in the way they need to be served today.” – Tyler Asher
