insurance

Insurance

Mintel’s Insurance market research combines the latest market intelligence, industry insights and expert recommendations to help you anticipate what’s next in the Insurance industry.

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    Inflation's compression of consumer budgets has caused a prioritization of cost over choice of doctors when selecting coverage, driving consideration of switching. Patrick Rahlfs, Senior Research Analyst ..."
    The biggest winners will be insurers that remain innovation-driven while maintaining a customer-centric ethos to ensure long-term and value-filled relationships. Amr Hamdi, Finance Analyst ..."
    “An aging population and record levels of immigration will ensure strong demand for health insurance in the coming years. Though employer coverage is the dominant channel for acquisition, a significant minority buy insurance directly or through affinity groups. There is plenty of potential for customized policies based on more sharing..."
     “Life insurance is a product with a long-term focus, causing consumers to be most receptive to it when their futures are top-of-mind. These forward-looking considerations occur at key individual lifestages such as the start of parenthood, but they also occurred on a macro scale when the pandemic cast a spotlight..."
    “With an economic downturn possible in 2023, this year is shaping up to be an extension of the carriers’ headwinds faced in 2022. Elevated inflation has boosted the costs of repairs and replacement parts, leading to larger claim pay-outs from insurers. Homeowners have been especially constricted by the Federal Reserve’s..."
    “The P&C industry is experiencing steady growth and increasingly using technology to connect better with customers, drive customized pricing and enhance efficiency. But satisfaction is not high and switching insurers is fairly common. So, there are plenty of opportunities for digital start-ups and established companies to gain more market share..."
    “Technology is resulting in a closer interweaving of customer lifestyles with insurance companies as consumers are showing more willingness to use devices that result in better outcomes while benefiting in the form of lower prices.” – Sanjay Sharma, Senior Financial Services Analyst This Report will look at the following areas: This Report..."
    “Human channels of distribution remain the most preferred method of purchase for both creditor and travel insurance. While both are considered valuable products to have, they have attracted their share of criticism with respect to payouts and also product suitability in the case of creditor insurance.” – Sanjay Sharma, Senior Financial..."
    “Interest in innovative insurance offerings such as telematics and virtual health care, has gained significant traction since the pandemic, and has risen even further amid the current economic climate. Consumers have become much more comfortable sharing their data for a policy discount, as inflationary pressures and premium hikes continue to..."
    “New Canadians are poised to become an ever important growth market for insurers. This means larger insurance companies will have to adopt dedicated newcomer strategies akin to the major banks. New immigrants are also avid users of technology, partly due to their younger demographic profile. This is an excellent opportunity..."

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    “As Medicare has adapted to a global health crisis and hurtles toward an uncertain future with trust fund depletion approaching, beneficiary attitudes have responded in kind, with mixed attitudes toward the present and future of the system characterizing a state of flux. Medicare Advantage plans continue to gain popularity while ..."
    “P&C insurers have been able to pull away from the apex of the pandemic relatively unscathed, but the current economic climate is shaping up a challenging 2022 for providers. For auto, inflationary pressures amid supply chain issues have ramped up the costs of replacement parts, repairs and rental cars. Homeowners..."
    “A majority of Canadians view having life insurance as essential for a peaceful mind so demand for life insurance will remain strong. Life stage events influence purchase, while the feeling of sufficiency with just employer coverage is a barrier to individual sales. Many younger consumers are open to buying from..."
    “Technological innovations such as telematics and smart home devices offer insurers the opportunity to assess risk better and offer more targeted prices to consumers. Meanwhile, a pandemic inspired boom in pet adoption and a flurry of new entrants foretell strong growth in the pet insurance industry.” – Sanjay Sharma, Senior Financial..."
    “The pandemic has transformed how providers deliver care to patients, as seen with the proliferation of virtual care and self-service digital solutions. As consumers continue to expect the same level of on-demand care going forward, providers should continue looking for ways to provide more value so customers obtain better health..."
    “An aging population and a global pandemic are all factors that will ensure demand for health insurance products while the industry strives to use technology to drive better delivery and smarter care.” – Sanjay Sharma, Senior Financial Services Analyst This report covers the following issues: The impact of COVID-19 on health insurance. ..."