Commercial carriers urged to adapt to deliver on-demand insurance
On-demand cover in the commercial insurance has largely been limited to events insurance, purchased through agencies, however, commercial carriers risk being left behind if they don’t adapt to cater to the on-demand model, writes Ted Devine in Property Casualty 360, as these policies, and opportunities in project-specific professional liability or contractor's liability areas, could easily be sold online. He suggests carriers need to rework processes of selling and binding insurance to compete with firms like Cuvva and Verifly, which are unencumbered by legacy systems and cost structures, like the annual cycle that underscores insurance procurement and servicing of commercial policies. 

Our culture is rapidly evolving into one of instant gratification. As services like Uber, Amazon Prime Now, and TaskRabbit continue to grow in popularity, consumers expect to be able to order almost any product or service and have it delivered instantly.

A recent survey by the Pew Research Center found that 72% of American adults have used some type of shared or on-demand online service — a number that will continue to grow. In other words, it’s time for businesses to embrace on-demand products and services, including commercial insurance carriers.