PIA National Holds ?Buy Button? Forum at ACORD

PIA National hosted an industry meeting it called on January 21, 2016, at the headquarters of ACORD in Pearl River, New York, to discuss the concept of agents offering a level of purchasing capability on their websites, known as a “buy button.”

More than 50 agents, carriers and vendors attended the session, participating in discussions by three panels. There was a sense among participants that the industry is moving toward an online binding capability that independent agents may choose to utilize. Some participants likened development of a “buy button” capability to earlier milestones in technology development.

There was considerable discussion of whether or not independent agents offering an online purchasing/binding capability on their websites would undermine the agent value proposition, or add to the value that the agent brings to the process.

“We have to recognize as agents, we have an ability to possibly use this technology to reach a market segment that we’re not currently getting to—but yet, we also have to be aware of our value proposition. So, it’s kind of a delicate balancing act,” said PIA National President Robert W. Hansen, Jr.

PIA National conducted this forum to put the topic on the table, with agents and their views at the center of objective discussion, as a means of performing due diligence on an emerging issue.

“This is a new concept for many, so it’s important to carry out due diligence and have objective conversations about the effect it could have on the industry,” said PIA National Executive Vice President & CEO Mike Becker. “We are particularly grateful to ACORD for hosting this meeting, which enabled some the industry’s top forward-thinking leaders to share their thoughts on the matter.”

Stay tuned for additional details on the discussions held at this PIA National forum.