4 min read
A Superior Experience: Digital Insurance Premium Refunds & Agent Commission Payments
To account for a reduction in driving during the pandemic, auto insurers gave back more than $18 billion in premiums,...
While it’s clear that the insurtech movement is a force to be reckoned with, the long-term results of the collaboration between innovation, technology start-ups and insurers remains to be seen. On the bright side, factions from both sides share the same goal: to embrace modern technologies, disruption and innovation in order to facilitate improvements in how insurers do business. This is ever more critical now, as consumers grow to expect the same type of customized, yet streamlined services from their insurers that their retail establishments offer them. In short, insurers have their share of challenges ahead when it comes to putting the customer first (rather than the product), yet some are understandably hesitant to overhaul their systems in order to adopt an insurtech mindset and culture.