Boston, September 28, 2016 – Imagine deciding to purchase an item and, when attempting to pay for it, being told to come back after the actual price can be established. This happens to most U.S consumers when they purchase a property and casualty insurance policy, and Aite Group calls this delay the bindability gap. Carriers have to perform their underwriting due diligence before presenting a bindable quote, but both independent brick-and-mortar agencies and online insurance distributors face increased consumer demand for a better purchase experience. Can technology help these distributors compete by closing this bindability gap?
Based on 13 interviews with industry observers and leaders from July 2016 through September 2016, this research examines the technology that is available to close the bindability gap and looks at how some firms are deploying it. It profiles seven vendors: Avyst, BizInsure, Bolt Solutions, Fenris, Spixxi, Sure, and Trove.
This 24-page Impact Note contains two figures and two tables. Clients of Aite Group’s P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions Actua, Allianz Accelerator, Amazon, Anthemis, ff Venture Capital, Fosun Kinzon Capital, Gordon Bell, Guidewire, IA Capital Group, Momentum Technology Ltd., Montage Venture, Munich RE, Network of Vertafore Users (NetVu), Oak HC/FT, Platinum and Neurone Ventures, Pivot Investment Partners, Professional Insurance Agents of America (PIAA), State Farm, Suncorp Group, and Vertafore.