Blogs & News
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.
Considering very recent trends and looking only at the weeks ending March 15 and 8, we see that the main variations in the volume of transactions are recorded in the Supermarket sector (+33% increase in the number of transactions in one week, in strong acceleration), the Banking/Insurance sector (+26%)…”
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.
One key area of growth is embedded insurance, an opportunity of which consumers are overall in favor. Building connections that enable insurance sales and servicing within other products—property insurance as part of the loan process, for example—is a growing trend that we’re watching closely.
There is a general lack of product innovation, forcing insurers to increase rates, which in turn has negative consequences for everybody. Product innovation is a powerful lever to manage risk proactively when trends are changing…
Autonomous vehicles create a new litigation problem that is yet to be faced by the insurance industry: among the driver, the AI, the manufacturer and the operator, who will be responsible when something goes wrong?
The labor shortage is forcing companies to adapt and find innovative ways to fill staffing needs. One fun example of this is Matradee, a robot capable of opening kitchen doors and delivering food to tables.
Know how tech is impacting insurance.
Get the weekly email that gives you tech insights on important industry trends and stories. Stay informed and understand insurtech, for free.