Ethos Life Insurance

[Tahoe Ray]

Please clarify.
Thank you!

I said why right before that quote.

 

[helgaemines]

They are all agencies that operate online, just like mine does.

Hello;

On your agency, do you work with D2C carriers?

Thank you!

 

[Allen Trent]

I envision that in a couple of years, all - or most of the companies - insurance companies will go D2C.

this has been predicted my entire career & still today, very little life insurance Premium is Direct to Consumer. Same is true for PC insurance. while all the TV ads give you the impression that Home & Auto is sold mostly by the Direct to Consumer channels of Progressive & Geico, that really isnt quite true yet.

For instance, in my State, AM best market share shows 24 of the top 25 carries utilize agents for distribution. For personal auto, 3 of the top 13 are direct to Consumer & only total 21% of all auto premium & the largest is Progressive which also sells through agents, so likely only 15% of the auto market is Direct to Consumers

The majority of the top 10 or 20 in Life also are not Direct to consumer

I am sure this will continue to change over time, but right now, most insurance premiums are being built by either agents making outbound calls/mailers, etc or agents being embedded in their own communities as an active member that drives tremendous referrals & investment back into the community

 

[helgaemines]

this has been predicted my entire career & still today, very little life insurance Premium is Direct to Consumer. Same is true for PC insurance. while all the TV ads give you the impression that Home & Auto is sold mostly by the Direct to Consumer channels of Progressive & Geico, that really isnt quite true yet.

For instance, in my State, AM best market share shows 24 of the top 25 carries utilize agents for distribution. For personal auto, 3 of the top 13 are direct to Consumer & only total 21% of all auto premium & the largest is Progressive which also sells through agents, so likely only 15% of the auto market is Direct to Consumers

The majority of the top 10 or 20 in Life also are not Direct to consumer

I am sure this will continue to change over time, but right now, most insurance premiums are being built by either agents making outbound calls/mailers, etc or agents being embedded in their own communities as an active member that drives tremendous referrals & investment back into the community

Hello,

Do you think that the D2C modality would displace insurance professionals?

Thanks!

 

[Allen Trent]

Hello,

Do you think that the D2C modality would displace insurance professionals?

Thanks!

Some, but in other cases it will help some professional stay in the industry that can't cut it out in the real world of wearing all the hats to prospect, sell, run the business, be an employer, be self employed. Some are smart about insurance but terrible at prospecting or terrible at running a business or being self employed

 

[Tahoe Ray]

Hello,

Do you think that the D2C modality would displace insurance professionals?

Thanks!

No.

Ethos, Policy Genius, Select Quote, etc. are not D2C. They are B2C. They still are just online insurance agencies.

A few companies like Lemonade (P&C) and Haven (MassMutual) are D2C but even then, they aren't going to capture a massive market share b/c they're focused on finding their ideal client. Even Bestow, who is technically D2C, will contract you as an agent and will pay you commission for clients that you send to their platform.

Technology will 100% change the way that consumers purchase insurance, however, the savvy agent is still going to find opportunities to make a lot of money as an independent.

 

[helgaemines]

Some, but in other cases it will help some professional stay in the industry that can't cut it out in the real world of wearing all the hats to prospect, sell, run the business, be an employer, be self employed. Some are smart about insurance but terrible at prospecting or terrible at running a business or being self employed

Interesting!

 

[helgaemines]

the savvy agent is still going to find opportunities to make a lot of money as an independent.

Would you please expand?
Thank you!

 

[helgaemines]

No.

Ethos, Policy Genius, Select Quote, etc. are not D2C. They are B2C. They still are just online insurance agencies.

A few companies like Lemonade (P&C) and Haven (MassMutual) are D2C but even then, they aren't going to capture a massive market share b/c they're focused on finding their ideal client. Even Bestow, who is technically D2C, will contract you as an agent and will pay you commission for clients that you send to their platform.

Technology will 100% change the way that consumers purchase insurance, however, the savvy agent is still going to find opportunities to make a lot of money as an independent.

Ethos is a GA, right?

 

[geocollie]

Ethos is an online agency now focused on selling specific Banner Life (L&G in the US) term policies with accelerated underwriting. At some point in late 2019/early 2020 it stopped selling Assurity and laid off sizable staff at its home office last May. It also pivoted to contracting with independent agents to follow up on its online leads. The website explains it this way:
Does Ethos have agents? - Ethos Life