March 30, 2021

Trends Shaping Insurtech This Year

Keith Goatley
Some significant trends will change the insurtech industry in 2021 for the better. Here are our predictions.

This year will bring surprises but there are some significant trends that will change insurtech for the better. These new developments should help you to understand what the future of the space will look  like. 

Here are our predictions: 

insurtech predictions

health and wellness
Trend 1: Health & Wellness Trends 

The pandemic has forced consumers to  become concerned with health & wellness. Insurance companies are now delivering traditional life and medical coverages with products to improve health as a bundle. Firms that can align themselves with the fitness space will become more competitive.

beyond insurance
Trend 2: Going beyond just insurance 

Technology is providing opportunities for companies to expand their traditional market. Firms will likely collaborate and partner with industries in a unique way this year. 

unique products
Trend 3: Unique product offerings 

When the pandemic hit, firms began offering risk mitigation offerings. Unique and customizable products such as cyber security services to event-cancellation cropped up. We believe in the wake of this year, those offerings will become normal.

big firms
Trend 4: Big firms will become bigger

Smaller firms have enjoyed their success the past few years, but the traditional carriers may come to the forefront this year. The strength of their balance sheets and their funding will help them in strengthening their resources, and in turn drive business. Mergers and acquisitions should be expected this year.

consumer trust
Trend 5: Consumer trust will become paramount

Customers expect their insurance companies to provide excellent service offerings and protect their data at the same time. Ethical processing of data is now a critical feature of conducting business and the firms that don’t exhibit that will suffer reputational issues. 

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About the Author
Keith Goatley
Keith is currently Marketing Manager for ArkusNexus and believes in marketing that is customer centric, data driven, digital first, and purpose led.
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