While the past couple of years have been a bumpy ride for the insurance industry, most insurers have found ways to work around these obstacles and stay afloat (sometimes even thrived).
But with the current macroeconomic conditions showing few signs of improvement, what’s in store for the insurance sector in the coming years? And what are the factors shaping the future of insurance?
Revisit the key insights from this past month as insurers gear up to brave a new world of fluctuating market conditions while striving to meet the expectations of inflation-weary customers.
🔙 A Quick Look-Back
In their recent 2023 outlook, Deloitte cautioned insurers that the road ahead is dotted with multiple hurdle and urged them to build upon the momentum they’ve achieved to maintain an ongoing culture of innovation while making customer-centricity the focal point.
But customer centricity doesn’t come without understanding who the customers truly are. Check out the nine types of customers identified by EY to get a glimpse of the customers defining the next wave of insurance.
Furthermore, explore the wellness opportunity in Capgemini’s report, which delves deep into how the rising consumer interest and the Wellness-as-a-Service model can unlock a new era of profitability for life and health insurers.
Auto insurance is another area on the verge of major change, with new developments constantly being made. McKinsey analyzed the top technologies and trends that will disrupt auto insurance in addition to discussing the ways the market may evolve.
Other news that you don’t want to miss:
- Insurance Technology Vision 2022
- Intelligent automation in insurance
- Insurance and the evolving cyber landscape
- A snapshot of ESG thinking in the development of the underwriting process
- Claims 2030: Embracing the future
- Maintaining resilience as a new world order takes shape
- What every insurance leader should know about cloud
- Why DeFi Insurance Needs a New Design
🌏 Understanding Consumers in Hong Kong, Malaysia, Taiwan, and Vietnam
Are you looking to get your hands on the latest consumer insights for Hong Kong, Malaysia, Taiwan, and Vietnam? Look no further!
To inspire and enable new insurance product innovations, we have done the research and packed the insights into the reports that we just published. Find out more below!
📈 Trending on IXT Prime
5 ways insurers can leverage data to empower their marketing
With the digitization of physical records and data collected online, insurance companies are flooded with customer data that they never have had access to before.
In this article, we discuss the ways insurers can leverage the data on hand to step up their marketing strategy.
- Optimize customer communication & messaging: Rather than marketing around the same evergreen topics such as marriage, childbirth, or retirement, reference relevant customer data to create a more targeted communication.
- Develop personalized lead acquisition campaigns: Use existing customer data to build a look-alike model that helps you target high-value customers. Automated lead scoring can further provide insights into a lead’s needs or interests.
- Identify leads that are close to conversion: You can do much more with data analytics than just determining which customers to target. One example is scoring leads already in the pipeline to discern between marketing and sales-qualified leads.
- Create actionable insights to retain customers: Leveraging data is one of the best ways to improve customer experience. For instance, it can help you understand why certain products or services aren’t clicking with specific customer groups.
- Upsell & cross-sell: There is always an opportunity to upsell or cross-sell customers with suitable products. Insurers that keep an eye out for these opportunities and data on life events are sure to get a leg up on the competition.
💡 Top Inspiration Picks Of The Month
| “On-the-Mountain” Insurance An injury insurance cover for mountain sports that can be used with or without traditional health insurance. Read more |  |
 | A 3-in-1 Policy An accident insurance plan providing collective protection for a family across three generations under a single policy. How does it work? |
| Cyber & Commercial Crime Insurance A cover for first and third-party financial losses, as well as a cover for losses from crimes committed by employees and outside entities. Find out more |  |
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