A decade ago tech startups thought they could eliminate life-insurance agents. The agents won the battle, and now the startups are courting them.
Prudential Financial paid $2.3 billion for agency Assurance IQ in 2019, but sales have fallen far short of projections.A decade ago, technology startups were planning to steamroll the stodgy life-insurance industry.
They thought the glad-handing life-insurance agent who cornered customers at Little League games and closed deals at the kitchen table was a relic. Snazzy websites and sophisticated analytics would replace the one-on-one sales pitches and tedious application process that often involved a medical exam.
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