The distribution portion of the insurance value chain is a prime target for new entrants, accounting for more than 70 percent of the estimated $2 billion invested by fintech companies and startups over the past five years. These new players are redefining insurance distribution, with scalable and digital insurance distribution models that are augmented by powerful analytics.
Partnerships are key to their strategy—and while Accenture research shows that 72 percent of carriers have, or plan to form, similar partnerships, it’s essential for incumbent carriers to move quickly. For example, one has formed a powerful, cross-industry alliance to position itself at the forefront of digital innovation in the auto market, while another has boosted its digital capabilities through access to its partner’s resources in innovation, analytics and mobile.
This report highlights the steps that carriers need to take to forge strategic partnerships, enhance the customer experience—and compete more effectively in a transformed insurance distribution ecosystem.
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