2021
9
US Innovations in Insurance Market Report 2021
2021-03-30T04:05:52+01:00
OX987304
3695
136023
[{"name":"Insurance","url":"https:\/\/store.mintel.com\/industries\/finance\/financial-services\/insurance"}]
Report
en_GB
“The immediate effects of the COVID-19 pandemic on the insurance industry have been mainly technological. Consumers are increasingly comfortable with the digitization of healthcare, but have been slower to adopt…

US Innovations in Insurance Market Report 2021

£ 3,695 (Excl.Tax)

Description

“The immediate effects of the COVID-19 pandemic on the insurance industry have been mainly technological. Consumers are increasingly comfortable with the digitization of healthcare, but have been slower to adopt technology offered by insurance providers. Younger consumers are more willing to allow their data to be tracked, but insurers have the opportunity to show how increased efficiency and personalization of enhanced technologies work for all customers.”
– Jennifer White Boehm, Associate Director, Finance Reports

This Report looks at the following areas:

  • The impact of COVID-19 on consumer behavior and the insurance market
  • Significant trends in insurance innovation
  • Consumer attitudes toward insurance and technology
  • Effects of the COVID-19 pandemic on consumer opinions toward their insurance

Table of Contents

  1. Overview

    • What you need to know
    • Key issues covered in this Report
    • COVID-19: market context
    • Economic and other assumptions
  2. Executive Summary

    • Top general insurance takeaways
    • Market overview
    • Impact of COVID-19 on innovations in insurance
      • Figure 1: Short-, medium- and long-term impact of COVID-19 on innovations in insurance, 2021
    • Opportunities and challenges
    • Challenge: Lost trust will be hard to regain
      • Figure 2: Opinions on trust and agent interaction, August 2020
    • Opportunity: consumers are looking to insurers to promote preventative care
      • Figure 3: Opinions on preventative, mental health care, August 2020
    • Opportunity: consumers still prefer the traditional brands over the tech companies
      • Figure 4: Non-traditional insurance purchasing, by age, August 2020
  3. Overview: US Insurance Market

    • State Farm, Berkshire Hathaway continue to lead P&C insurance industry
      • Figure 5: Top five property and casualty insurance groups by total direct premiums written, 2020
    • P&C direct premiums nearing $720 billion
      • Figure 6: Total property and casualty insurance direct premiums written, 2018-20
    • New York Life, Northwestern Mutual lead in Life
      • Figure 7: Top five life and fraternal insurance groups by total direct premiums written, 2020
    • Life and fraternal insurance premiums drop by nearly $2 billion in 2020
      • Figure 8: Total life and fraternal insurance direct premiums written, 2018-20
  4. Insurance Ownership

    • Four in five consumers have some form of P&C insurance
      • Figure 9: Total property and casualty insurance ownership, August 2020
    • Total health ownership
      • Figure 10: Total health-related insurance ownership, August 2020
  5. Market Factors

    • Unemployment remains around 6% for beginning of ‘21
      • Figure 11: Unemployment and underemployment, January 2011-January 2021
    • America continues to age
      • Figure 12: Population by age, 2016-26
  6. Trends in Insurance Innovation

    • Evolution of underwriting
    • Insurance goes on-demand
      • Figure 13: SureApp micro-duration policies, March 2021
      • Figure 14: Slice Labs cloud services, March 2021
    • Root pledges to drop credit scores from pricing
    • Progressive and the Snapshot Road Test
      • Figure 15: Progressive Snapshot Road Test email, October 2020
    • Faster and simpler underwriting for life insurance policies
    • Industries merged
    • Insurer and automaker partnerships give telematics a boost
    • Walmart and Medicare
    • Financial planning and insurance
      • Figure 16: Allstate “Meet Allstate Money” email
      • Figure 17: SoFi Protect website
    • Anthem “enters” the wearables market through study with Apple
    • Healthcare at home
    • Telehealth promotion: UnitedHealthcare is a brand to watch
      • Figure 18: UnitedHealthcare Facebook post, April 2020
      • Figure 19: UnitedHealthcare telehealth mailer, August 2020
    • Insurers formed partnerships to promote cognitive behavioral therapy
    • Humana expands in-home care
      • Figure 20: Humana At-Home lab test email, 2020
    • Contactless claims experience 
    • Insurers embrace consumers’ comfort with self-service and digital innovation
    • Increasing mobile usage
    • Insurtech Fabric launches app to help with life insurance, wills and family finance
    • BCBS and Sharecare team up on wellness app
  7. The Consumer – Key Takeaways

    • Nearly half of consumers have never accessed an insurance mobile app
    • Consumers want insurance companies to concentrate on prevention, mental health
    • Nearly 40% of adults value their insurance more because of the pandemic
    • Trust has decreased, and customers would still prefer app over agent
    • Adults would welcome an insurance shortcut
    • Monitoring tech could be a hard sell for non-users
  8. Insurance Mobile App Usage

    • Nearly half of consumers have never accessed an insurance mobile app
      • Figure 21: Mobile app usage, August 2020
    • Young auto customers most likely to access app
      • Figure 22: Mobile app usage, by age and gender, August 2020
  9. Attitudes toward Insurance

    • Consumers want insurance companies to concentrate on prevention, mental health
      • Figure 23: Opinions on preventative, mental health care, August 2020
    • Boomers more focused on prevention, while Gen Z focus on mental health
      • Figure 24: Opinions on preventative, mental health care, by generation, August 2020
    • Trust has decreased, and customers would still prefer app over agent
      • Figure 25: Opinions on trust and agent interaction, August 2020
    • Insurance providers are missing out on building trust with next generation of customers
      • Figure 26: Opinions on trust and agent interaction, by age and generation, August 2020
    • Adults more willing to utilize techy home than techy body
      • Figure 27: Opinions on trust and agent interaction, by age and generation, August 2020
  10. Insurance and COVID-19

    • Nearly 40% of adults value their insurance more because of pandemic
    • Parents are especially grateful
      • Figure 28: Value of health insurance due to pandemic, by parental status and age of children, August 2020
    • Adults are paying more attention because of potential COVID exposure
      • Figure 29: Increased caution, decreased activity during pandemic, by age and gender, August 2020
    • App usage might be low, but consumers are using it for COVID testing
      • Figure 30: Insurance app usage for COVID-19 testing, by age, August 2020
  11. Interest in Insurance Technology

    • Fitness, health-tracking devices remain popular
      • Figure 31: Interest in or use of tracking devices, August 2020
    • Telehealth is here to stay, but non-users aren’t keen on AI assistants
      • Figure 32: Interest in and usage of telehealth or AI assistant-based technology, August 2020
    • Monitoring tech could be a hard sell for non-users
      • Figure 33: Interest in and usage of monitoring technology, August 2020
  12. Attitudes toward the Future of Insurance

    • Adults would welcome an insurance shortcut
      • Figure 34: Interest in single, multi-purpose insurance policy, by age and gender, August 2020
    • Traditional insurance companies still have an edge over tech companies
      • Figure 35: Non-traditional insurance purchasing, by age, August 2020
  13. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Direct marketing creative
    • Abbreviations and terms
    • Abbreviations

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

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*databooks not available with UK B2B Industry reports.

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