The insurtech gap

Advisors and clients are ready for digitized insurance processes, but insurers are slow to adopt new technology.

Insurance companies must therefore focus on meeting the needs of a new generation of advisors who want effective practice management tools that foster greater efficiency, says Donald Chu, chief operating officer and co-founder of Finaeo Inc., a Toronto-based digital managing general agency.

“Buyers of insurance policies are looking for a digital experience,” Chu says, “as young people do not have a desire to work in a paper-based environment.”