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Run Time: 24:34
in On Point

Larger Agencies, Commercial Lines Will Dominate

In five to 10 years, the primary insurance sales channel will be direct to consumer, predicts Ed Majkowski, Ernst & Young's insurance advisory leader for the Americas. In this provocative discussion, Ed walks through five key issues facing carriers and agencies. "We'll always have agents, but there will be far fewer, they'll be larger, and they'll invest in technology and their brands," he says. Meanwhile, no carrier eventually will be able to avoid the direct-to-consumer channel. Personal lines will decline, Ed says, so carriers might need to pivot to commercial lines, to a direct channel, or to a specialty line of business where returns traditionally are much higher. Meanwhile, "insurtechs are gaining traction across all parts of the value chain," he says. "They're pushing carriers to provide a better customer experience. Across all types of carriers, they're nervous about how much investment it's going to take to move faster. They all see the writing on the wall."

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