Rapid and continuous change in people’s behaviors and expectations and their use of new technologies is THE driving disruptor of change in the insurance industry. The response is new innovations in products and new competition to meet the gap in what people need and want versus what is available today from traditional insurers. Building on this insight, we dived deeper into this area in this year’s consumer research.
We looked at year-on-year changes in behaviors, interests and expectations. We dived deeper by assessing the impact of new insurance products and business models that have emerged into the market by InsurTech and traditional insurers to understand the disruption implications – expectations, innovations and competition – across the generational groups. The research decomposed these products and models, providing insight on the impact and potential of new expectations, new innovations and new competition to intensify the market changes and disruption.
These new innovations will rapidly capture the demographic shift and market share of the Millennial and GenZ generations. For traditional insurers to remain relevant as older generations decline in buying power and the new generations increase, they must turn this knowledge into actionable initiatives. If not, the ever-widening gap between competitors who are innovating and taking action and those who are not will be insurmountable, putting insurers future at risk.
Watch this webinar to learn about:
- Speed to implementation – get up and running in weeks or a few months versus years
- Speed to market – rapidly develop and launch new products with ready to use rules and tools
- Speed to revenue – rapidly enable business growth with minimal upfront cost