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Consumers may now research and buy insurance on their thanks to advances in technology.

While some fear that this ease of access will drive agents out of business, Jim Dwane, CEO of insurtech bolt, a property/casualty insurance exchange, believes that putting the basics in the hands of insureds will increase the value of agents’ knowledge and make the selling process more efficient.

While the insurance industry has a reputation for being sluggish to embrace innovation and technology, Dwane claims that this has changed in recent years. His organization, bolt (which stands for Business Owners Liability Team), connects buyers and sellers of insurance.

“If you can get the consumer — whether it’s a small business or an individual — to do 50 to 75% of the upfront work digitally, that reduces their cost basis,” Dwane explained.

When insureds feel comfortable performing more of the early groundwork, the margins on that transaction increase, he says. This allows agents to concentrate more on the consultative selling process and less on operational and administrative tasks.

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