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Pilots are just one of the more visible examples of the effect of breaks and reduced hours during COVID. The workplace and experience changes triggered by the pandemic are a problem for all kinds of employees, from truck drivers and forklift operators to surgeons and accountants. There’s a high likelihood that human error will be greater as we return to normal.

In McKinsey’s latest report on insurance, they explore the 5 trends that will have an industry-shifting impact on insurance. These advances represent a significant opportunity—as we’ve seen with recent insurtech funding—but the changes also pose an existential threat for insurers that are slow to adapt.

According to a recent survey by Celent, carriers are viewing agency portals (and the agency experience overall) as key growth drivers. 94% of carriers surveyed aim to have an above-average or world-class agency experience, and 65% rate their current experience as average.

With around 50% of customers willing to consider coverage from new insurers, the recent influx of capital for insurtech startups represents a real challenge for traditional insurers…

A great example of innovation outpacing insurance offerings: how does insurance adapt to a world in which people self-experiment? If use of this technology becomes mainstream it could have an interesting impact on loss-control for workers comp, as learning for proper lifting/moving techniques and other such trainings could be accelerated.

Many apps have built trust with their user base. Insurance is a natural extension of what those apps can offer. It is a huge opportunity for insurers and the companies with which they partner to leverage that customer trust to move horizontally into insurance upsales.