Sure CEO Wayne Slavin recently joined John Siracusa on The Bank On It podcast to discuss how Sure is revolutionizing insurance distribution by connecting carriers and brands on one network. Here are the essential insights for insurance industry leaders and global consumer brands
Key Takeaway #1: Insurance companies need to stop operation on islands
Insurance companies have historically operated as disconnected islands. They are not connected by default like banks are now.
You can easily move money between banks, transfer whatever you need, and they're connected to the Fed. Insurance companies have always operated on islands and still do. You don't move your insurance from one carrier to another. They don't transfer your information. You stop being a customer with one and start a relationship with the new one.
To improve customer experience, the industry needs a neutral network to run digital insurance programs efficiently – similar to how Visa and Mastercard connect banks with merchants.
Key Takeaway #2: Brand Affinity Can Drive Insurance Distribution
Consumer brands have built relationships that insurance carriers cannot easily replicate.
Most consumers don’t have affinity for their insurance company. If they did, insurers wouldn't be spending all that money on advertising. Where you find affinity is with consumer brands – from the car you drive to the online lender you secure your mortgage from.
Insurance companies want loyal customers without paying a lot of money to acquire them. That’s why I believe that the next big wave of insurance programs will be built by consumer brands partnering with established carriers.
The partnership model is a win-win: Carriers gain cost-effective acquisition channels while brands benefit by enhancing customer experience – all without needing to become insurance experts themselves.
Key Takeaway #3: Legacy Systems Can't Support Digital Insurance
The insurance industry's legacy technology cannot support modern digital experiences. Insurance carriers have tried to make it work with their legacy softwares but that has proven to be difficult. Only a few organizations have the capacity to develop in-house.
The insurance industry's outdated infrastructure creates a barrier to building modern digital experiences.
The industry needs an independent network – similar to payment networks – that connects carriers with brands. Sure has built this critical infrastructure: Core software enabling digital transactions for carriers, intuitive platforms for brands to sell insurance, and the technology to seamlessly connect these systems. This ready-built solution eliminates the need for in-house development that few organizations can resource effectively.
"Legacy systems have become the invisible barrier preventing insurance carriers from delivering the modern digital experiences consumers expect. With carriers operating across multiple disconnected platforms, integration has become prohibitively complex and expensive,” said Wayne during the interview. “What the industry desperately needs is an independent network that enables seamless carrier-to-carrier integration, unlocking both enhanced digital customer experiences and new distribution opportunities through consumer brand partnerships. This network would serve as the crucial bridge between traditional insurance infrastructure and the digital-first future customers demand."
Looking Forward
The insurance industry is at an inflection point. Insurance carriers who recognize the power of connecting & distributing insurance products with brands will lead the next wave of growth. For Fortune 500 brands and insurance executives alike, the opportunity lies in reimagining distribution channels to meet consumers where they already are.
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