The state of the property insurance business is increasingly challenging with the rising number of extreme weather events and natural disasters, increased inflation and claims costs and the impact of increasing insurance costs has substantially impacted people and businesses.
At the same time, the property insurance industry’s “traditional” customers – both consumers and SMBs – are changing. Gen X and Boomers, representing a vast portion of insurers’ revenue and profit today, are increasingly digitally adept and looking for more value from insurers. More importantly, Millennials and Gen Z insurance customers expect insurance to be much different and are not satisfied with traditional insurance processes, products, and business models. They want things their way and have them personalized the way they want. This creates gaps between what customers expect, want, and need, compared to what insurers deliver.
Read this report to better understand how property insurers can turn these challenges into opportunities for improved profitability and growth, including:
- Expanded and personalized products through the use of existing and new data for underwriting, helping customers to have protection that meets their specific needs and financial expectations. For insurers, this is helping to improve underwriting profitability, reduce costs, and data-driven risk assessments that can drive risk avoidance or mitigation.
- Enhanced risk resiliency through new products and value-added services that provide information and access to services to understand and proactively respond to risk. For insurers, this helps profitability and customer experiences, shifting the model from claims payout to risk management.
- Extended market and customer reach for people and businesses through new distribution channel options, including embedded insurance, that meet them where and when they need coverage. For insurers, this creates a stronger competitive market position through a growing channel ecosystem that plays to their strengths and closes gaps or weaknesses.