In a recent survey, agents and brokers identified that their number one problem is marketing. No surprise. The second biggest annoyance is switching between multiple carrier portals. Even insurers who offer something "embedded" often require the agent and broker to bridge over into the insurer portal, requiring them to go through another login experience and enter more information. Credit: PR Image Factory/Shutterstock.com
Embedded insurance 1.0 arrived on the scene set to completely change how people interact with their insurance company. By integrating at the point of sale, insurers could cut out the producer and directly sell to policyholders, drastically reducing expenses while gaining market share. While there are some niches in insurance where this absolutely makes sense (e.g., workers' comp, pet, jewelry), many lines have yet to realize the embedded insurance dream.
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