March 3, 2022

RHS 134 - A Brain Dump on Digital Insurance Distribution Part II

00:39:49

Summary

Podcast Episode Summary

The podcast episode is the second part of a two-part series on digital distribution in 2022. The host discusses seven trends in insurance distribution, as reported by Reuters, and shares his thoughts and opinions on each trend.

Main Topic: Digital Distribution in 2022

Key Points:

M&A Activity and Moments that Matter: The host discusses the trend of M&A activity in the insurance industry and how it can lead to increased distribution, but also notes that it's not a guarantee and requires careful execution.
The Resilience of Intermediaries: The host emphasizes the importance of intermediaries, such as brokers, in the insurance industry and notes that they continue to add value to insurance providers.
Ecosystems, Openness, and the Drive to Circularly: The host discusses the trend of ecosystems and openness in the insurance industry, noting that carriers and agents need to be willing to share data and work together to deliver better value to customers.
The Innovation Train is Waiting for No One: The host notes that innovation is happening rapidly in the insurance industry and that brokers need to be willing to adopt new tools and technologies to stay competitive.

The insurance industry is undergoing significant changes, including the rise of digital distribution and the trend of embedded insurance.
Intermediaries, such as brokers, continue to add value to insurance providers and are resilient in the face of change.
Ecosystems and openness are becoming increasingly important in the insurance industry, and carriers and agents need to be willing to share data and work together to deliver better value to customers.
Innovation is happening rapidly in the insurance industry, and brokers need to be willing to adopt new tools and technologies to stay competitive.
Embedded insurance is a potential disruptor in the industry, and brokers need to be prepared to adapt to this trend.
Flexibility in communication is key to success in the insurance industry, and customers expect to be able to interact with insurance providers in multiple ways.

Show Notes

Became a Master of the Close: https://masteroftheclose.com

After a 3-week hiatus, The Ryan Hanley Show is back, with a deep breakdown of the trends and ideas impacting the digital distribution of insurance products in 2022.

This is Part II of a two-part series.

Don't miss this one...

Episode Highlights:

Ryan discusses the Reuter’s report, “Insurance Distribution: 7 Key Trends for 2022” (3:06)
Ryan talks about trend number 1, M&A activity, and explains that increased M&A doesn't necessarily lead to increased distribution. (5:18)
Ryan explains that acquiring the right agency or set of agencies can be an enormous way to increase your distribution. (8:20)
Ryan discusses trend number 2, the resilience of intermediaries, and what's in their books. (10:17)
Ryan explains trend number 3 which is ecosystems openness, and the drive to circularity. (13:33)
Ryan mentions that the innovation train is waiting for no one and innovation is already happening.(18:15)
Ryan explains why embedded insurance, trend number 6, is something that we brokers should be most scared about. (24:07)
Ryans shares trend number 7, customers are driving flexibility. (28:39)
Ryan provides two different options and or ways how you can run your business successfully. (30:08)
Ryan shares how he wants to deliver and be different from the rest. (33:17)

Key Quotes:

"The most opportunistic brokers are going to be the ones that can step forward and take market share from the competitors." - Ryan Hanley
"But from a communication standpoint, flexibility is a key driver to scalable growth, in my opinion." - Ryan Hanley
"I tell you today, our process isn't perfect. It's certainly not everything that I want it to be. But I know where we're going." - Ryan Hanley

Resources Mentioned:

Reach out to Ryan Hanley

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Transcript

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Ryan Hanley: Welcome back to the show. This is part two of our two-part series on digital distribution in 2022. When I started this, I didn't really think about the title, so who knows what I'll end up calling it.

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[Shoutouts to sponsors begin]

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Ryan Hanley: Quick shout out to our sponsors. Coterie Insurance is awesome for general liability and other products. They're fast and efficient, though not a fit for every risk. Check them out at C-O-T-E-R-I-E.

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Tarmika is another tool we use to quote business faster. They pull in multiple carriers into one space, saving time from individual portals. Visit T-A-R-M-I-K-A.com.

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Pathpoint is changing the game in the ENS space, allowing quote-blind issue ENS quotes for general liability, property, and more. Search Pathpoint Insurance online. Huge fan of Pathpoint.

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[Shoutouts end]

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Ryan Hanley: Let's dive into the seven trends of 2022 from Reuters. Contributors include Mark Seich from Berkeley Fire Marine, Craig Wiles from Westfield, Bobby Collies from Grange Insurance, and Tim Riley from Tokyo Marine.

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Trend number one: M&A activity. Over a thousand transactions in 2021, on pace for 2022. M&A doesn't always mean increased distribution. Acquiring agencies can lead to book rolling, not necessarily more policies.

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Trend number two: Resilience of intermediaries. Brokers add immense value as carriers are the product. Resilience is key in these crazy times. Brokers need to be opportunistic to take market share.

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Trend number three: Ecosystems and circularity. The pandemic showed linear business models are outdated. Data sharing between carriers and intermediaries is crucial. Brokers need access to data for better customer experiences.

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Trend number four: Innovation is rapid. Brokers are more open to new tools. Innovation is a snowball rolling downhill.

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[Break for listener engagement]

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Ryan Hanley: If you're enjoying this episode, please subscribe, share, and leave a comment. Your support helps grow the show.

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[Back to trends]

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Trend number five: New era of InsurTech. Tools are additive if used right. InsurTech isn't a savior but provides tools to improve business.

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Trend number six: Embedded insurance. This should scare brokers. Tesla with built-in insurance or Gusto with workers' comp. Brokers might never get a shot at the business.

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Trend number seven: Customers drive flexibility. Post-pandemic, digital tools are expected. Flexibility in communication is key. Be water, adapt to customer needs.

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Ryan Hanley: Two options: do business your way, limiting your market, or be flexible. Flexibility in communication drives growth. Tools like HubSpot help deliver the experience customers want.

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[Closing remarks]

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Ryan Hanley: Thanks for listening. Hit me up on LinkedIn, Twitter, or Instagram. I love this industry and appreciate you. Out.

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[End of episode]