2021 Comperemedia Insurance Trends: How’d We Do? (Part 2)

October 20th, 2021 | Nicole Bond

Each year, Comperemedia analysts develop annual industry trends based on brand observations, competitive marketing, and consumer data. As we prepare for the launch of our 2022 Insurance Trends, let’s take a look at Comperemedia’s 2021 Insurance Marketing Trends and see where we got it right—or wrong.

In Part one, we checked in on the evolution of the ‘Agents of Change’ and ‘Industry Interchange’ Trends. Here, we examine the ‘Underwriting Overhaul’ Trend.

Underwriting Overhaul

Customers have come to anticipate not only personalized experiences but inclusive ones. Carriers are offering new interpretations of coverage that reflect evolving market conditions and consumer expectations.

How’d we do? We were halfway there! New interpretations of coverage and enhanced underwriting processes took flight while the socially responsible aspects of underwriting remained on the runway.

Due to the nature of pandemic-inspired life changes, insurers introduced new interpretations of coverage through both bundled options and tweaked product offerings. As the pandemic fueled remote work, Nationwide introduced a unique bundle offering, its WFH (work from home) insurance which combines auto, home/renters, and identity theft coverage. Great American Insurance also launched a new product for small business owners, HomeHQ, which provides nuanced coverage for those operating their small business out of their home. This coverage was meant to incorporate at-home business liabilities that are not typically covered by one’s home or renters’ policy. Both approaches captured a moment in time where change was paramount and offered an end-to-end experience with a tailored approach to unique situations.

While the pandemic surely opened the door for all-new product types, several insurers also introduced new coverages and capabilities to speed up the application and claims processes. Haven Life partnered with Waffle to distribute Haven Simple, a no-medical-exam term life insurance product that offers a completely digital process. It encompasses 28 questions and takes approximately 10 minutes to complete and process the coverage, leaning into an enhanced customer experience. Farmers announced that it was going to start using a mobile robot, Spot, to more safely and efficiently navigate catastrophe claims and property inspections.

Beyond new interpretations and enhanced efficiencies, there is a lot of work that still needs to be done in order to rethink insurance, likely hinging on regulatory factors and consumer research to ensure the right products are being offered to consumers. The emphasis on all-digital and all-speed may address the convenience lacking today but the real change will be the implementation of overarching experience enhancers, like gamification, to keep members engaged and onboard. YuLife is at the forefront of this movement by creating its Yuniverse which features levels of real life tasks that members can interact with in order to earn credits: they can compete against friends to earn bike miles, challenge friends to a duel, and even place bets on who will take the most steps in a day. YuLife offers a prime example for insurers to learn from when it comes to taking insurance to the next level as an experience enhancer.

Nicole Bond

Nicole Bond

Nicole Bond is a Senior Research Analyst, interpreting cross-channel marketing and consumers trend with a focus in telecom and financial services. Nicole also has a Master's in Integrated Marketing Communications from Northwestern University, contributing to her passion for identifying consumer drivers and helping clients develop omnichannel marketing strategies.