US insurers jump on distribution platforms to gain customers

Major US insurers are joining new digital exchanges to sell not only their own policies but also those of rivals, a fresh twist in an industry known for fierce competition.

The powerful new platforms, including Semsee, bolttech, Bold Penguin and Uncharted, pull data from many carriers, allowing agents to see multiple quotes for policies, much the way travel agents see competing air fares.

Chubb Ltd, Travelers Companies Inc and Liberty Mutual have signed on recently as have agencies that also sell policies, executives said.

“The eyeballs are enormous and important to them,” said Philip Charles-Pierre, New York-based co-founder and chief executive officer of Semsee, which focuses on commercial policies. Many insurers have recognized that “if a large agency is using the platform, you need to be on that platform.”

The growth of digital distribution represents a shift in how insurers compete in markets for auto and homeowner coverage as well as business and commercial lines worth hundreds of billions of dollars annually, experts said.