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Insuretech startups “Hippo” and Lemonade recently announced the end of new funding rounds and plans to “disrupt” the California homeowners insurance market (see article in link below).
These direct-to-consumer models explicitly state they can save clients money by bypassing the commissioned agent and using bots and machine learning to service customers completely online.
Just curious as to how serious traditional P&C agents who sell homeowners coverage take threats like these. Is there real cause for concern, no cause for concern, or maybe cause for concern years down the road?
Any worry that this “machine learning” platform has the potential to someday be a serviceable replacement for the value and expertise professional agents provide to their customers?
If this is of little or no concern to you right now, is there anything that does worry you about the future of the agent’s place in distribution channel?
Insurance Forums | Insuretech startups Hippo, Lemonade on the attack against agents who sell homeowners coverage in California
These direct-to-consumer models explicitly state they can save clients money by bypassing the commissioned agent and using bots and machine learning to service customers completely online.
Just curious as to how serious traditional P&C agents who sell homeowners coverage take threats like these. Is there real cause for concern, no cause for concern, or maybe cause for concern years down the road?
Any worry that this “machine learning” platform has the potential to someday be a serviceable replacement for the value and expertise professional agents provide to their customers?
If this is of little or no concern to you right now, is there anything that does worry you about the future of the agent’s place in distribution channel?
Insurance Forums | Insuretech startups Hippo, Lemonade on the attack against agents who sell homeowners coverage in California