What would agents and brokers do for a living if customers increasingly buy coverage in different ways? A lot, says Jim Dwane, CEO of insurtech Bolt, a P/C insurance exchange. On this recording, Jim outlines how technology is impacting the industry most in distribution. “Insurance distribution is democratizing,” he says. “The traditional points of sale — call center, agent, website — are now moving to new points of sale, in some cases digitally at that moment.” That means getting car insurance at the time you buy a car; home insurance when you buy or refinance, getting proof of liability coverage at the jobsite, etc. So-called “embedded insurance” means agents will evolve to risk advisors, Jim says. “Technology is making it easier to buy insurance. It also is significantly helping the agent and broker. If you could get the consumer to do 50 to 75% of the up-front work digitally, that reduces the cost basis and brings higher margins, and agents can focus more on the consultative selling process.” Bolt matches buyers and sellers, he says. “We are not disruptors. We are enablers. We enable others to disrupt.”

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