How 1 See It-2019 & Forward.

• Date: 14 January 2019
• Author: Deapo, Jamie

Our business is changing. Unless you have been living under a rock you know that already. Change in and of itself is not good or bad. Instead, good or bad is determined by the results of that change.

Insurance consumers want speed and simplicity in purchasing and handling their insurance needs. They also want to do business when it is convenient for them, using whatever method of communication they choose. They search for information to better understand insurance protection, to be informed and, to be smart consumers of the product. The new tech -based competitors are meeting these consumer's demands.

These new competitors are gaining traction because they have been able to offer consumers the speed and convenience they want. They use technology to eliminate human staff, replacing them with tutorials and artificial intelligence applications. Those changes mean cost savings from quoting and selecting coverage to the paying of claims. The savings developed from these changes have allowed them to reduce the cost of...