August 22, 2019
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Ryan Mathisen

Why aren’t independent insurance clients utilizing their carrier portals? I have a hunch, and trust me, it’s not the product

Insurance and technology are two of my favorite things to discuss, learn about, read about, and create. Call me super nerdy! However, are they oil and water?

With such little crossover until recently and insurtech products catching wildfire across the globe, are we as creators solving real problems? For years, I have been researching carrier portal adoption by policy across all channels, finding incredible disparity. This can explain much of the service pressure felt on a daily basis by independent agency owners. It also exemplifies the dissatisfaction of their clients when on-demand needs aren’t being met. Who is to blame here?

It’s certainly not the product. Surprisingly enough, insurance consumers have fairly low expectations when it comes to available technology. Thus, their needs are met fairly simply. Can I get my policy documents easily when I need them, pay a bill when it’s due without having to call anyone, and anticipate ease combined with transparency during the claim process? Shouldn’t this be uncomplicated?

If needs are so easily met, why aren’t the independent insurance carrier portals being used? There is a real disparity. Looking at different channel apps on IOS, I compared internet, captive, and independents. The top internet company has roughly 1.5 million reviews, leading one to believe their adoption is fairly high. Other internet companies hover around 100k-150k reviews which is fairly strong in comparison. Next, we move to captives, with the top apps coming in at roughly 500k reviews, and others hovering around the 50k mark. Lastly, we look at the independent channel, with the highest review count coming in at 5k. Most independents lie under 100. You read that correctly: 100 reviews or less. These are incredible statistics!

Why is this disparity happening???

Author
Ryan Mathisen
Co-Founder at GloveBox
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