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Embracing the Agent Channel at Point of Sale: Life Digital Agent POS Platforms

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27 March 2024
Karen Monks

The Insurtech Shift from D2C to Agents in North America

Abstract

Life insurers were forced to digitize the sales process during the pandemic. Their move to direct-to-consumer sales (D2C) saw its peak (7+% of total premiums) in 2021 with strong sales of term insurance, but by December 2023, only about 6% of life insurance was bought D2C. The effort to attract and sell a limited number of products online proved to be more difficult than selling through agents. The D2C challenge forced many insurers to cut back on their D2C plans, which in turn forced the insurtechs who started in the D2C market to shift to supporting agents and other distribution channels. Agent-focused point of sale (POS) solutions support immediate digital life insurance sales in a fast, efficient way.

A digital POS platform typically includes all the tools needed to sell a product from quote to issue, including digital marketing materials and reporting and analytics. Because all platforms are SaaS based, they provide agents with the most up-to-date product information and tools to sell a digital product. They can easily be integrated into an MGA’s or IMO’s portal and accessed via Single Sign-On (SSO).

A digital POS platform can provide an insurer an “easy to do business” experience for agents. Most POS platforms reviewed by Celent can be white labeled and provide the agent with everything they need to sell an insurer’s digital product.

Read the profiles of 14 agent focused digital point of sale (POS) platforms offered to insurers or agents in the US market. Detailed profiles are included for each platform, and they are listed alphabetically by vendor.

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