[PRESS RELEASE] Comperemedia announces four Insurance Trends for 2020
Comperemedia has today (November 20, 2019) announced four trends set to impact the insurance landscape in 2020, backed by comprehensive market and consumer data, in-depth analysis and brand examples.
“The accelerated pace of change proliferating across the insurance industry is notable in itself. At Comperemedia, we’ve identified four key trends that are set to impact, and ultimately change, the industry in 2020 and beyond. The convergence of technology, innovation, and consumer demands will drive claims processes to be greater defined by speed, simplicity, and customer-centric experiences. Carriers will acquire consumer trust through simplified product messaging and quality human connections. Consumers are ready to strike a deal with their insurers, exchanging data for accurate pricing, safer lifestyles, and better health outcomes. Lastly, the incumbents will join the insurtech landscape with spinoff brands of their own as they close the gaps around digital and direct-to-consumer experiences that the customer-centric startups are touting,” said Tara Clemens, Senior Industry Analyst, Insurance at Comperemedia.
Claiming Digital Distinction
Insurers will identity the claims experience as a key differentiator in the industry’s digital evolution. Growth in 2020 will center around proactive service, time from claim to payout, and timely and transparent communications.
- Technology and cloud-based platforms will accelerate the time from claim to payout.
- Efficiencies along the claims value chain will free-up agents and adjusters’ time to better serve complex issues.
- Insurers that delight customers during the most crucial moment of truth – claims – will increase customer satisfaction and encourage loyalty.
Insurance carriers will seek consumer trust through simplified product marketing, humanized customer service experiences, and tech-enabled agents and brokers.
- Simplified product marketing will penetrate lower-funnel marketing channels and become deeper integrated into omnichannel messaging strategies.
- Areas of customer service that are automated, such as online chatbots, will take on a human-like persona.
- Agents armed with digital broker platforms that drive efficiencies will be poised to better advise clients in their insurance decisions.
The Great Data Trade
Consumers will look for a fair trade – data for better value and customized pricing. With more data, though, comes greater responsibility for insurers safeguarding that information.
- Telematics will be prioritized across personal and commercial lines to drive accurate underwriting and safer driving.
- Protective technology, such as water leak sensors and security cameras, will benefit both sides of the policy relationship.
- Wellness programs have reached a level of maturity where insurers have concrete learnings to apply as programs continue to evolve and drive more engagement with customers.
Industry incumbents will look internally to build digital brands to compete with startup insuretechs, giving them a competitive advantage in the form of industry tenure and reputation.
- Insurers will build out innovation teams in-house.
- Brands with frictionless distribution and intuitive customer experiences will be spun out as part of incumbents’ broader product portfolio.
- Technology and processes developed through spinoff brands will be applied to future product innovations.
Comperemedia’s 2020 Insurance Trends thought piece is available for free download here.
Interviews with Tara Clemens, Senior Industry Analyst, Insurance are available on request from the press office.