Industry experts estimate that carriers spend somewhere between 5 and 10 percent of the total IT budgets on technologies related to distribution. If the experts are right, then approximately $5.6 billion will be spent in this area in 2014. It's probably safe to say that a significant portion is spent on applications and portals that support quoting and policy processing. It's also safe to say more carriers are doing more to make it easier to generate sales and deliver service to clients.
With all of the recent advances in technology, where should carriers focus when considering distribution-channel priorities? Obviously, they need to keep the lights on. However, technologies such as mobile networking, real-time predictive analytics, and big data potentially offer game changing opportunities and should not be ignored.
The most successful strategic initiatives always consider the implications of those most impacted. As I began writing this article, I decided to talk with a few agents and with Kevin Dorgan, who runs a consulting business dedicated to helping agents expand their internet presence.
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