Innovations in the Insurance Market - US - April 2016
After years of offering little innovation, the insurance industry is rapidly integrating technology into its interactions with consumers. Mobile apps that make it easier to get information and conduct transactions, trackers that provide feedback so people can change their behavior, and devices that keep homes safer and more environmentally friendly are customer-centric innovations that are changing consumer expectations of both the industry in general and their individual carriers. Because almost everyone needs some kind of insurance at some point in the lives, companies have to continue investing in innovations to meet customers’ expectations or risk losing their business to companies that do.
This report focuses on the recent innovations in the insurance industry as well as the innovations consumers would be most interested in seeing. While some innovation has been in the area of product development, most have revolved – and will continue to revolve – around mobile functionality, whether as an add-on to web functionality or as a standalone operation. Additional innovations are coming in the areas of data analysis, customer service, and distribution. Companies that excel in these areas, even if they are not traditional insurance companies, stand the best chance for succeeding in this rapidly changing industry.
The insurance industry is not known for innovation, but competitive forces are driving insurers to develop more new products and features than ever. To find success, insurers will have to offer innovations that improve the customer experience through greater efficiencies, lower prices, or better and faster service, rather than merely through additional product offerings.
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