Technology has utterly changed the premise of financial services marketing, removing distribution layers and bringing everything from mutual fund companies to banks much closer to customers. Now insurers are undergoing the flattening phenomenon, as they attempt to shift to more direct contact with their market.
Insurance sales and marketing executives have largely remained insulated from changes sweeping the rest of financial services. Assuming that most insurance is sold, not bought, executives figured on remaining in its familiar modus. It was just a matter of time before the distribution phenomenon that re-formed the marketing approaches of banks and brokerage firms would soon follow suit in the insurance business.