Innovations in the Insurance Market - US - November 2018
"The insurance industry is competitive, as most people make their insurance choices based on price. Although the industry is flush with technological innovation, consumer loyalty is yet to be significantly impacted by these developments. Because it is easier to attract new, young customers than it is to get older ones to switch, insurers should focus not just on price but also on technological solutions that allow consumers to interact with insurers in the way they want to and get the type of insurance they need. While brands must keep an eye on the future to stay on the cutting edge of technology, they cannot lose sight of the core competencies and human connection necessary to maintain their business."
- Chris Shadle, Financial Services Analyst
This report looks at the following areas:
- Nearly 20% of consumers would be interested in insurance from Google/Amazon
- Insurance mobile apps are used sparingly, auto and renters are the most popular
- Consumers don’t prioritize mobile offerings
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