I tend to have an opinion that technology does more harm than we actually think. For instance, there is a hot debate that is currently causing ripples among the car insurance agents and the internet. The need to do car registration online is a good idea, saves a lot of time and very efficient yes, but it is the cause of loss of jobs to more than 1600 insurance agents. I know there is need to evolve with technology however, we need to do it style like Plymouth Rock assurance company. The Boston based company is trying to come up with a way of ensuring that both the internets as well as the agents are at per.
The company has done this by launching a toll known as Prime. The prime allows the consumers in Massachusetts to purchase the car insurance online and still remain in touch with their initial agents. This tool helps the consumers to make a right choice. I am sure that Plymouth will eventually do away with the agents completely, however by the time they do that the agents would have found an alternative. Other companies sell the insurance via the phone therefore eroding the market for the agents by close to 2%. Ray gallant of gallant insurance prefers that companies use independent insurance agents because balancing between the agents and the internet is not an easy thing given that they are trying to adapt.
On the other hand Plymouth Rock official Ollie thinks that they won’t be able to do away with the agents because they provide professional advice to their clients via email alerts. The agents also do follow-ups whenever a consumer does not finish buying insurance online.
Statistics from research shows that most consumers still buy from the agents however the number of those using the internet is increasing steadily. In 2011 it was at 32% and last year 37%. Plymouth Rock have a point in trying to roll both worlds just for how long, is my question.
The founder of Plymouth James M Stone was a lecturer of economics at Harvard University. James has also worked with Massachusetts Insurance Commission. Apart from dealing with insurance, he is an author of One Way for Wall Street he is married and has two doting kids.