Stop Thinking Regional vs. National; Start Thinking Smarter About Technology

March 20, 2018 by Michael J. Foy

Regional or national? That’s a question producers have long considered when deciding where to place their business—whether to go with a regional company that has close relationships with their agency and a keen understanding of the market, or to choose a national carrier that may have an advantage in pricing or coverage.Executive SummaryWith less than 50 percent of digital penetration in the financial services sector, regional insurers still have a shot at positioning themselves for competitive advantage with the right technology. But carriers that are selfish about automation, designing processes that provide cost savings for themselves and not their agents, and those that pay lip service to soliciting agent input aren’t thinking smart about technology, writes Foy Insurance Group President Michael Foy, who lists five ways for carriers to gain an edge with technology....