Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Agents of the Future: The Evolution of Distribution – McKinsey


Article Synopsis :

The emergence of digital technology and platforms like smart phones, tablets, and cloud-based systems are going to significantly impact the distribution channel of the financial services industry. One of the pillars of the traditional distribution model of the insurance sector, traditional agency, has started showing signs of cracking due to technological advancements. Insurance Carriers have begun questioning the utility of insurance agencies and agents in their current format. A report by McKinsey “Agents of the Future: The Evolution of Property and Casualty Insurance Distribution” highlights the implication of digital evolution on various industry players. Although the report focuses on P&C insurance distribution channel, the analysis and recommendations are applicable to life insurance distribution channel as well.

Agents and their Insurers Need to Co-operate to Create New Digital Models

According to the report evolution of technology and analytics are reducing the value proposition of Insurance Agents and Agencies in their current form. Insurance Carriers are establishing direct contact with customers using technology to save costs, reduce time-to-market, and grow in scale.

This transformation is being led by the customer who may jump ship due to lack of accessibility, agility and delightful service across digital channels be it smart phone, internet, social media, cloud etc. This multiple channels communication and accessibility requirement is making the role of agents redundant, who were once the face of the insurance companies.

The report says insurance agents and agencies will have to adapt to the changing environment for survival. They can achieve this by evolving their approach and methodology to fit customer requirement as there are fundamental changes in the way customers purchase insurance. Since Insurance Carriers are altering the distribution landscape this transformation should aim for better value creation.

Link to Full Article:: click here

Digital Insurer's Comments

1. Digital journey should be traversed with everybody on board as loosing the experience and personal touch of agents might cause more harm than good to Insurance Carriers.

2. The new model implementation plan should focus on reinventing Agents and Agency’s roles with the ultimate aim to drive innovation and ensuring market leadership.

3. Agents and Agencies should pro-actively seek guidance from Insurance Carriers and invest in themselves in order to save themselves from being obsolete. Consulting experts in the digital insurance field for role redefinition and skill development is recommended.

Addditional reading – read the article on Digital Advisors from The Digital Insurer (read article).

Link to Source:: click here




Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in