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Executive Summary
- What you need to know
- Naturally, older consumers have a heightened prioritization of preventative care
- Graph 1: attitudes toward preventative and mental health care, 2024
- Position mental wellness as part of one's preventative care routine when engaging younger customers
- Mobile claims filing can help deter younger consumer from switching providers
- Graph 2: most valuable features in a P&C insurer's mobile app, by generation, 2024
- Trustworthiness and brand reputation weigh heavily when choosing an insurance provider across all generations
- Graph 3: importance of providers' reputation, by generation, 2024
- Market predictions
- Opportunities
- Black and Hispanic adults lag in P&C ownership
- Carriers must be more culturally sensitive when engaging with multicultural segments
- Younger consumers would greatly consider purchasing life insurance if the acquisition process was simpler
- Graph 4: openness to life insurance if the process was simpler, by generation, 2022 and 2024
- Expedited underwriting solutions can address younger consumers' pain points with life insurance purchase
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Market Dynamics
- Market context
- Market drivers
- The US population is aging – a boon for life insurers
- Graph 5: projections of older adults in the US, 2030-60
- A shaky housing market spells uncertainty for P&C carriers in the short-term
- A solid labor market will provide those currently uninsured with greater prospects of finding employer coverage
- Graph 6: unemployment rate, 2019-24
- Market size
- State Farm, with its competitive rates and expansive agent network, remains the leader across the P&C market
- State Farm have a diverse range of customers stretching across all income brackets
- Graph 7: P&C carriers consumers currently use, by household income, 2024
- The P&C market saw direct written premiums grow by nearly 10% between 2022 and 2023
- Graph 8: total property and casualty insurance direct premiums written, 2018-23
- As of 2023, Northwestern Mutual and New York Life are at the forefront of life and fraternal insurance providers
- Life insurance direct written premiums totaled nearly $214bn in 2023
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Consumer Insights
- Consumer fast facts
- Insurance ownership
- The majority of consumers have some form of health coverage
- Gen Zers, a group still in college or early in their professional careers, are lagging in life insurance ownership
- Graph 9: life insurance ownership, by generation, 2024
- Unemployed adults are the most likely to currently be without health coverage
- Graph 10: health insurance ownership, by employment status, 2024
- Attitudes toward insurance
- Over 80% of consumers want carriers to focus more attention on preventative and mental health care
- Graph 11: attitudes toward preventative and mental health care, 2024
- Consumers are increasingly more distrusting of insurance providers
- Graph 12: insurance trust levels over time, 2022 and 2024
- Mobile engagement continues to grow, but at the detriment of agent communication
- Graph 13: attitudes toward mobile vs agent interaction, by age, 2024
- The rising preference of mobile over agent interaction suggests a potential misunderstanding of how agents serve clients
- There is solid demand for an all-inclusive insurance policy
- Graph 14: interest in single policy coverage over time, by age, 2020-24
- Telematics adoption and interest
- Gen Zers' willingness to share auto/home data for a discount has grown the most since 2022
- Graph 15: willingness to share home and/or auto data for a policy discount, by generation, 2022 and 2024
- Car mileage remains the leading data type the majority of consumers are open to sharing
- Graph 16: types of auto data consumers are willing to share for a discount, 2022 and 2024
- Consumers of all generations greatly prefer sharing mileage-based information compared to driving behaviors
- Graph 17: types of auto data consumers are willing to share for a discount, by generation, 2024
- Behavioral-based insurance programs have steadily grown in interest and adoption in the past couple of years
- There is greater interest in behavioral-based insurance across all generations
- Graph 18: UBI and BBI interest, by generation, 2024
- Mobile app usage
- Auto and health insurance hold the highest mobile app engagement
- Graph 19: types of insurance accessed via mobile app in the past 6 months, by age, 2024
- Despite low app usage across life insurance, carriers still have the opportunity to drive greater engagement
- Older consumers are significantly more likely to be non-adopters of mobile solutions
- Graph 20: consumers that have not accessed any types of insurance via mobile app in the past 6 months, by age, 2024
- Consumers value speed and accessibility the most in health insurers' mobile app
- Graph 21: most valuable features in a health insurer’s mobile app, 2024
- Older consumers place a greater value on convenience-based mobile features
- Graph 22: most valuable features in a health insurer’s mobile app, by age, 2024
- Claims filing and roadside assistance are the most valuable features in a P&C mobile app
- Graph 23: most valuable features in a P&C insurer's mobile app, 2024
- Interest and adoption across insurance technology
- Significant interest in smart home devices should be a call-to-action for P&C insurers
- Graph 24: interest in smart home security devices, 2024
- Consumers of all ages demonstrate a strong desire to leverage chatbots for insurance management
- Nearly half have used telehealth services, while 34% are interested in teletherapy
- Graph 25: telehealth adoption and interest, 2024
- Carriers must play their part in addressing many of the issues surrounding mental health today
- Young adults and parents show strong interest in teletherapy services
- Graph 26: [no title]
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Innovation and Marketing strategies
- Marketing and advertising
- Abbott announces that Lingo, its continuous glucose monitoring system, can be acquired without needing a prescription
- While adoption levels of mobile glucose monitors are still low, there is substantial interest across a wide range of age groups
- Graph 27: adoption and interest in mobile blood glucose monitoring, by age, 2024
- Humana empathize with consumers seeking cost-effective care
- Allstate holds the highest share of spend across behavioral-based insurance for the past year – leveraging national TV ads the most
- Allstate and State Farm lead other carriers when it comes to marketing their BBI offerings
- Graph 28: top carriers' BBI marketing spend, 2023-24
- BCBS provides 24/7 virtual care to help support the different life stages mothers find themselves in
- Through desktop display, captive State Farm agents showcase how prospects can engage with them via the channel they most prefer
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Appendix
- Consumer research questions
- Consumer research methodology
- Generations
- Abbreviations and terms
With elevated premiums plaguing the P&C sector, consumers’ openness to adopting telematics-based offerings due to the cost savings remains on the upswing – evidenced by the nearly 70% of consumers willing to share home/auto data with their providers to get a policy discount. Behavioral-based insurance on the auto side has especially been gaining traction – both in adoption and interest. As such, carriers are well-positioned to benefit from both a retention and acquisition lens when marketing such programs.
On the health side, virtual health services remain an area still ripe with potential – primarily teletherapy. More than a third of consumers would be open to using a teletherapy service to meet with a mental health professional. Interest levels are even higher among younger consumers, as well as parents – indicating active audiences willing to engage with such remote care solutions.
While interest in tech-driven solutions is on the rise, the insurance space continues to wrestle with the key problem of low trust – reflected in the 62% of consumers who say their trust in the industry has decreased compared to five years ago. While innovation is key to competitive differentiation, carriers must not forgo bedrock of any successful customer relationship – trust and loyalty.
This report looks at the following areas:
- Market drivers affecting the insurance space
- Insurance ownership
- Insurance mobile app usage
- Attitudes toward insurance
- Openness to non-traditional insurance coverage
- Openness to a wide range of insurance technology
Tech-driven solutions have the potential to unlock new opportunities for carriers, helping meet consumers' evolving, dynamic insurance needs.
Amr Hamdi, Senior Analyst – Financial Services
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