Technology is changing the relationship between the client, producer, and the insurance carrier. While some view that as a detriment to producers, others see room for adaptation and growth that will ultimately benefit consumers, independent agents and carriers.
The servicing and purchasing relationship between agents and brokers and their clients has changed substantially over the years thanks to technology and continues to evolve, much as it did between stockbrokers and their clients, said Matt Josefowicz, head of the insurance practice at Novarica, a research and advisory firm based in New York.
In evaluating the role of the middleman in any transaction, what is most important is the expertise, knowledge, and need for that professional to transact business in the relationship, he points out. That has changed over the years as the traditional role of the middleman has gotten too expensive to communicate between the prospect and the insured. (For more on what agents value with their insurer relationships, click here to see the survey results.)
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