Property-Casualty Insurance Distribution: Evolution Not Revolution
Conning—Property-Casualty Insurance Distribution Landscape Changing Rapidly
(Hartford, CT) June 7, 2018—The channels and processes for property-casualty insurance distribution are undergoing unprecedented change, according to a new study by Conning.
“Rapid changes in the world of insurance distribution are shaping a new ecosystem for insurers, distributors, and customers,” said Matt Sternat, Vice President, Insurance Research at Conning. “The traditional agent, broker, and direct channels remain dominant, but are expanding to offer a wider array of alternatives. As the industry evolves from product-centricity to customer-centricity it is pursuing advances in technology and communications, and responding to demographic and behavioral changes.”
The Conning study, “Property-Casualty Insurance Distribution: Evolution, not Revolution” reviews the pressures forcing change in property-casualty insurance distribution, along with the industry’s responses, and the outlook for insurance distribution.
“The pressures for change in distribution have led to a wide range of responses by incumbent agents, brokers, and insurers, as well as new entrants,” said Steve Webersen, Head of Insurance Research at Conning. “Agents and brokers are adopting new technologies, spending more on digital marketing, partnering with InsurTechs and clusters, and pursuing mergers and acquisitions. Meanwhile, more insurers are focused on the direct channel for both personal and small commercial insurance, and are also entering into InsurTech partnerships. In the developing new landscape for insurance distribution there will be new players as well as legacy operators that have met the new expectations, while some who did not keep up with developing demands will be left behind.”
“Property-Casualty Insurance Distribution: Evolution, not Revolution” is available for purchase from Conning by calling (888) 707-1177 or by visiting www.conningresearch.com.
Conning (www.conning.com) is a leading investment management firm with approximately $122 billion in global assets under management as of March 31, 2018.* With a long history of serving the insurance industry, Conning supports institutional investors, including pension plans, with investment solutions and asset management offerings, award-winning risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.
*As of March 31, 2018, represents the combined global assets under management for the affiliated firms under Conning Holdings Limited, and Cathay Securities Investment Trust Co., Ltd. (“SITE”). SITE reports internally into Conning Asia Pacific Limited, but is a separate legal entity under Cathay Financial Holding Co., Ltd. which is the ultimate controlling parent of all Conning entities.