[Video] P&C in 2021 Pt. 3 – Distribution & Competitive Forces
Webinar Series Recap
P&C in 2021 is a webinar series that examines industry trends and reactions with leading analysis and experts, hosted by Ryan McMahon, VP of Insurance & Government Affairs at CMT.
In the series’ third installment, McMahon invites Harry Huberty, Research Director & Chief of Staff at Novarica, and Niall Williams, Intelligence Analyst at CB Insights to discuss how distribution is impacting growth and profitability.
During their discussion, they touched on how insurance companies are changing the way they engage with their distribution partners. The panel analyzed how online distribution has evolved and where it is trending in 2021.
McMahon asks Williams his perspective on where the excitement was focused on with new distribution models and what market strategies CB Insights has been covering.
Williams reports that the main takeaway from last year is that investors see technology playing a huge role in improving distribution, especially with respect to direct to consumer channels. He concedes that while “total funding in terms of dollars to distribution is actually staying pretty consistent, we’re seeing the major players in distribution in these comparison sites and these marketplaces really kind of become more dominant and become the leaders.”
McMahon steers the conversation to how this impacts profitability and the company’s growth.
Huberty introduces Novarica’s framework called “the three levels of value”: “the basic thesis is that there are three ways for insurers to gain value and increase their profitability. And technology can enable all three. And they are quite simple: sell more, cost less to operate, or manage risk better. And I think all three pertain to distribution.”
Watch the recorded version to learn more about these upcoming trends. And be on the lookout for P&C in 2021 – Claims Modernization, the fourth installment in our series. Coming soon.