Online Small Commercial Direct Seller Raises $29 Million in Funding
Insurance companies that back online plays are dumping millions into digital brokers. In addition to building their own direct channels, they’re betting heavily that Small Commercial Insurance will be the next product to move online and be sold direct. If you are a retail broker that generates even a percentage of your revenue from small commercial insurance business, you should be immediately concerned. As a mid-market or larger broker, you may have more time before this trend confronts you where you live, but the times are changing. We brokers need to innovate and deploy resources at this challenge. Now is not the time to continue to do business the old fashioned way. If we build things that consumers use and value, we’ll still have a place in the food chain. If we continue to operate the old fashioned way, we’ll slowly watch more and more entities gobble up market share and make new customer acquisition 10x more expensive.