The insurance industry has historically had a high cost of sales and administration. Industry statistics show that almost 30% of every insurance dollar paid goes to cover those costs.
Why so high? Insurance is a very old industry that has successfully resisted change for years. Clunky is the best way to describe the insurance delivery process. The traditional independent agent can offer the benefits of independent advice, advocacy and choice. While the direct writers can offer slightly better rates by reducing the number of pain points that independent agents face.
To make matters much worse, independent agents have a
Obviously, some insurers are better than others at utilizing technology to reduce costs but to see no substantive change (and even a slight increase) over such a long period of time made us think that there was an opportunity to make things better.
Almost 30% of every insurance dollar
In order to facilitate that change, using the latest technologies, developed our Insurance Fulfillment Platform (IFP). Our insurance fulfillment platform can reduce sales and administration costs by up to 70% or more.
We do not sell our technology, but offer it to our partners to work together on our common goal of customer insurance fulfillment.