There’s a lot of attention on embedded insurance, MGAs and AI. All valid. But the most interesting shift I’m watching is how distribution is being restructured quietly and, in some cases, permanently.
Brokers still own most of it. But new players are redrawing the map. Progressive has built direct distribution at scale while maintaining agent alignment. Lemonade treats distribution like software, optimizing funnels in near real time. Banks and wealth platforms are partnering with insurers behind the scenes, embedding coverage at the point of financial advice. Even brands like Tesla and Apple are running experiments in integrated distribution.
Some of these models collapse under cost or complexity. Others are building stickier ecosystems by design. But the core question remains:
Who owns the customer relationship, and is it loyalty or access that actually drives retention?
That question, not a product or a feature, will shape the next decade.