Insurtech

April 16, 2021

Insurtech Trends that Matter

This article dives into a few trends in the insurance space that are helping big insurers to become more competitive.

The pandemic created structural changes that have forced incumbent insurance providers to become more competitive in the market. According to Accenture, almost 86% of incumbents believe they need to innovate at a far faster pace in order to remain a player. 

This article dives into a few trends in the insurance space that are helping the big insurers to become more competitive. 

Usage-based policies

Growth of usage-based policies is on the rise. Anticipate a significant increase in short-term insurance policies that are based solely on what consumers are doing precisely, rather than broad possibilities. Apps that will be able to detect what policies consumers should purchase will also become normal.

Personalization 

Insurance companies continue to collect important and “big” data that help them to understand consumer behavior and overall preference. Data is collected from IoT devices, phones and other smart devices. 

This enables an incredible UX/UI for consumers and offers the customers better services that are more relevant to their particular needs. 

Gamification

Gamification is a newer strategy that should be more common going forward. Gamification has to do with improving the digital UX by integrating games/activities that ultimately benefit the consumer by offering them prizes, discounts, etc. Incumbents are seeing increases is loyalty program membership with gamification. 

Smart contracts

These are lines of code that are held on blockchain. Smart contracts can actually execute by themselves under certain criteria. We believe the market will be upwards of $300 million by the end of 2023. The insurance incumbents and consumers benefit from these contracts because they offer security and transparency on a higher level.

Case Study from Arkusnexus
Keith Goatley
Keith is currently Marketing Manager for ArkusNexus and believes in marketing that is customer centric, data driven, digital first, and purpose led.
kgoatley@arkusnexus.com
RSS feed
Subscribe to our feed
Back to More ContentMore From this Author
HomeServicesAboutBlogJoin UsContact
Privacy Policy
San Diego:
3065 Beyer Blvd B-2 San Diego, California 92154 +1-619-900-1164

Los Angeles:
530 Technology Drive Suite 100 & 200 Irvine, California CA 92618