This is the biggest quarter for investment in Insurtech we’ve ever seen. There’s a big need for modernization in the insurance industry and a massive opportunity for those who do it well.
Covid exposed just how unprepared most construction companies were for a big disruption. Now that they’ve made changes to their insurance coverage, many in the industry are worried about having the right insurance for their business.
One of the trends that is likely to drive insurance growth is the increase in niche products; rebranding is one way that established insurers can get in on that growth.
Now, with digitization and strong insurtech offerings that have streamlined the process, it’s a whole lot easier to offer insurance alongside a product. We expect this trend to really take off this year.
There’s a massive need to upgrade the industry and the insurtechs that get it right are going to win big. We expect continued venture capital funding to continue flowing until the problem is solved.
A PwC survey found that 41% of respondents said they were likely to switch insurance providers due to a lack of digital capabilities and that 53% said they were likely to use digital channels to engage with their insurers within the next 90 days.
The Insurance industry overall is poised for dramatic growth, innovations are giving rise to new kinds of coverage and coverage bundling. Bundling is something every insurer can get better at, and it will increase the financial-footprint of insurers who do it well.
“All of us believe in independent agents. They are the risk experts, the marketing and sales experts, and they are entrepreneurs. The shift to digital is an opportunity for growth, and it’s our job to provide the right tools. We are giving agents a single line of code that opens up a million possibilities, and this is just the beginning.” - Jason Kolb, CEO at Dais
Matt Banazynski, CEO of the Independent Agents of Wisconsin, says this digital product is significant because independent agencies can now launch a product with a single line of code.
AI will give rise to new products and approaches. By using AI and social media data, this product will try to proactively prevent crises from occurring.
