Why build out proprietary distribution when a faster and easier route is readily available? Better to forgo this investment and just use the cost savings to undercut competitors on price, build market share, and scale operating costs, right? But of course, there are trade-offs to relying on brokers, who represent the client\u2019s interest, not that of the carrier, and who are incented predominantly on volume, not underwriting performance. An insurer who goes this route may have limited purview of the underwriting risks it is assuming, which may lead to higher loss ratios.