May 6, 2021
Strategy Watch
Is Google having an insurance ad problem?
What is happening? Google announced that they are going to start requiring certification for health insurance advertisers. They will be making sure that every ad comes from certified government exchanges, first-party providers and licensed third-party brokers.
Why it matters: Insurance is Google’s most profitable search term by far, so this policy likely will cost them. There’s no specific news out on why they’re making this change, but as the kings of data there’s likely a good reason.
Read: Google cracks down on insurance advertisements posted on search engine
New Research
85% of construction companies changed at least one of their policies in 2020
What they’re saying: 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.
What it means: As we mentioned in last week’s report, niche development is a huge opportunity for insurers. Covid gave owners a taste of how disrupted their business could become, therefore, having a company that specializes in their specific niche is an attractive offer.
Read: Agent Authority: Construction business owners remain optimistic despite being hit hard by COVID-19
Fun Data
McKinsey: 10 myths of modernization to address
What they’re saying: Many insurers have experienced unsuccessful tech modernization efforts. To reverse this trend, insurers need to first become aware of common misconceptions—and then address them head-on.
Favorite myth: “A simple one-size-fits-all technology solution to our ‘spaghetti integration’ challenge already exists”
Read: Top ten myths of technology modernization in insurance
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