The insurance market is over 330-years old and has not changed fundamentally all this while. For years, even insurance distribution remained largely unchanged- relying primarily on independently affiliated agents and brokers. But now Insurers find themselves in a place where their very survival depends on abandoning legacy practices and leveraging technology to modernize their distribution networks.
Distribution Connectivity Intermediary, which is an emerging area in insurance technology, is a cloud native Insurtech product that connects multiple independent agents with multiple insurers. Through such construct, it helps to build a digital distribution ecosystem where multiple agents and insurers can work with each other flexibly through digital connectivity and a straight-through operating model, thus significantly accelerating the modernization of insurance distribution in a very cost-effective way.