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Insurance right now can be difficult to sell, and there are a lot of different approaches to fixing this problem. It’s exciting to see all of the energy around MGAs, as they are one of the ways we can make insurance more accessible.
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
For industries like insurance and trucking that are already having challenges with recruiting, this is going to make the problem worse. This may force some companies to hire under-qualified individuals, exposing such companies to new risks.
A recent study from The Hartford found that 31% of US employers believe that the strain on employee mental health is having a significant financial impact, and 52% said that substance misuse or addiction is causing workplace issues. Both figures are about 20% higher than March 2020.
Dais and Semsee are partnering to expand products available for carriers and agents. The collaboration will increase the variety and availability of insurance products on Semsee’s platform, while providing Dais customers immediate distribution opportunities with broad groups of agents.
Almost everyone has experienced an embedded insurance sales pitch at this point — such as when buying a phone or a plane ticket. Embedded insurance is one of the fastest growing and most exciting ways the industry is tackling the underinsured problem.
Cyber is likely to be one of the dominant perils insurers are going to struggle with, and they’ll be looking for innovative advantages to manage loss ratios. A very logical first step is to …
We estimate that the world is at least one-third underinsured, and simple products like this are examples of how to fix that problem. The clever use of data makes this a simple and customer-friendly product that will likely result in more travel insurance policies for Chubb.
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