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.
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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