US Innovations in the Insurance Market Report
Everything you need to make the right decisions
Providing the most comprehensive and up-to-date information and analysis of the Innovations in the Insurance Market market, and the behaviours, preferences and habits of the consumer.
Mintel has the answers you’re looking for
What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Covered in this report
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 of succeeding in this rapidly changing industry.
Key points included
- 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
What you need to know
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. Providers continue to invest in innovations to meet customers’ expectations or risk losing their business to companies that do.
Expert analysis from a specialist in the field
Written by Chris Shadle, a leading analyst in the Finance sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
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.
Financial Services Analyst
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