The ongoing tsunami of self-service insurance permeates every nook and cranny of the insurance media marketplace. Every time I read an article predicting the imminent demise of independent agents, my blood boils at how the self-professed pundits have absolutely no clue about insurance (until they find out that they have no coverage on their house, then all hell breaks loose.)
Case in point - here is a ruling about an umbrella policy and the underlying coverage. Please tell me how in the world a non-insurance individual or business owner would have caught this. People are the "secret sauce" when it comes to insurance!
Non-Covered Claims May Exhaust Primary Limits, Trigger Umbrella
Bottom line – When buying a book, music or a plane ticket, there is very little difference. A book is a book, a CD (as long as it plays) is a CD and seats on a plane are pretty much like all the others. But insurance products are wildly different from each other, and to assume that they are all the same is to either stick your head in the sand or to be so naive as to believe whatever a lizard, store clerk or animated general and his sidekick penguin tell you.
Insurance has never been, and will never be a commodity. I double-dog dare you to try.