Coverager: The Part-Time Insurance Agent

Executive summary 

Evolution acts to produce function, not perfection yet insurance – as a function of product – has remained the same for all those years. And rightly so. It isn’t the product that needs to evolve, it’s the proximity to modern consumers.

The distribution model is changing

It is known that the distance from a partner can put a strain on romantic relationships. In a research report examining romantic relationships of college students by Krista Joy Dowdle of Brigham Young University, being 11-200 miles from a partner was associated with a 31% increased likelihood of physical cheating compared to those in the same city as their partner.

Perhaps this is one of the reasons why In 2017, the most Googled relationship- related question was “How to make long-distance relationships work?” While lacking the romantic element, consumers and brands also have relationships, and just like in any relationship–distance–be it in the physical or digital world can raise challenges.

In a digital era where it’s easier than ever to reach and stay in touch with consumers, most insurance companies still have long-distance relationships with their policyholders. And with multiple choices just a click or a tap away, maintaining such a relationship is a hard task.

The first half of this report will outline how insurance, as a product is challenged by factors affecting the relationships insurers, have with existing and potential customers.

The second half of this report will present a new distribution model involving part-time insurance agents, with the aim of forming a better relationship with customers.

For more, see the full report…

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