Insurers, brokers and agents need to stay focused on their clients' needs to differentiate themselves. (Photo: Shutterstock)
Until recently, choosing the right insurance was a service provided by insurance agents and brokers. The agents mapped the insurance needs of their customers and helped them navigate the complex world of various insurance offerings. They also kept the necessary paperwork up-to-date. Insurance cover was seen as an essential service that minimized the risk of people and businesses and was tied closely to the financial planning of the insured. Many factors were considered before choosing an insurance product, and the price of the policy would be just one of these factors.
With the digitization of the insurance sales process, customers are now able to buy insurance from the company directly. They can do their own research, map the right product for their needs by entering their requirements on the insurance company's website, and get quotes from different companies via an aggregator portal. The online channel brings a lot of flexibility and choice in the hand of the insured and also reduces the overhead of the insurers.
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