4 Key Takeaways from This Week's Insurance Technology Research
1. Commercial Lines Going Direct?
Novarica's "Direct Online Small Commercial Insurance: Preparing for the Inevitable" survey found that the share of small commercial coverage bought online has increased over the past two years.
"The market is increasingly open to the online channel and responsive to messages of convenience and price," wrote report author and Novarica managing director Matt Josefowicz. "What the small commercial market lacks is billions of dollars in advertising spending to change the mass-market idea of the product. But that’s only a matter of money and time. One or two highly motivated, highly capitalized new entrants could change that very quickly, building on the work already done in personal lines."