What you need to know

This report focuses on recent innovative developments across the insurance industry, as well as those likely to occur in the near future. For instance, in auto insurance, telematics and other types of devices are gaining somewhat wider acceptance with consumers. Wellness programs are another focus, as the implementation of the ACA (Affordable Care Act) will encourage continuing innovation in this area as well as across the entire spectrum of medical care and health insurance.

As a majority of Americans now own smartphones and/or tablets, the market for insurance apps continues to build. They can now be used not only for quick quotes but also as tools to learn more about product offerings, to make the auto insurance claims process more efficient, or to determine what the most healthful foods are when grocery shopping.

In summary, the insurance business is evolving into a place that is becoming more engaged with consumers and looking for ways to best meet their needs. They are doing this by showcasing new products and features to keep the brands fresh, relevant and meaningful for consumers’ lives. A number of new and innovative marketing channels are also being employed to get these messages out.

Questions addressed in the report include:

  • What are some of the primary focuses for innovation in the insurance industry?

  • How are companies conveying information about innovations in their messaging?

  • What do consumers think about some of the various devices and programs that are available to them?

This report builds on the analysis presented in Mintel's reports Life Insurance, US—February 2012, Property and Casualty Insurance, US—February 2013, Health Insurance, U—July 2013, and Innovations in the Insurance Marketplace, US–November 2012.

Definition

This report looks at innovation in several insurance industries, including life, property and casualty, and health insurance.

Data sources

Consumer survey data

For the purposes of this report, Mintel commissioned exclusive consumer research through GMI to explore consumer consumption of/attitudes and behaviors toward insurance and related topics. Mintel was responsible for the survey design, data analysis, and reporting. Fieldwork was conducted in February 2014 among a sample of 2,000 adults aged 18+ with access to the internet.

Mintel selects survey respondents by gender, age, household income, and region so that they are proportionally representative of the US adult population using the internet. Mintel also slightly over-samples, relative to the population, respondents that are Hispanic or Black to ensure an adequate representation of these groups in our survey results and to allow for more precise parameter estimates from our reported findings.

While race and Hispanic origin are separate demographic characteristics, Mintel often compares them to each other. Please note that the responses for race (White, Black, Asian, Native American, or other race) will overlap those that also are Hispanic, because Hispanics can be of any race.

Direct marketing creative

All estimated mail volume data and consumer direct mail and email marketing creatives are provided by Mintel Comperemedia.

Mintel Comperemedia is a searchable competitive database tracking direct mail, print, and online advertising in the US and Canada, as well as email in the US. Comperemedia tracks information across eight sectors: Banking, Credit Card, Investments, Insurance, Mortgage and Loan, Telecom, Travel and Leisure, and Automotive.

For more information, please contact Account Services Management at 312.450.6353 or www.mintel.com.

Abbreviations and terms

Abbreviations

The following is a list of abbreviations used in this report:

ACA Affordable Care Act.
ACO Accountable Care Organization
BCBS Blue Cross Blue Shield
BIM Bank Insurance Model
DWP Direct Written Premium
EHR Electronic Health Records
FEMA Federal Emergency Management Agency
FIO Federal Insurance Office
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Terms

The following terms are used in the report:

ACA Affordable Care Act. Also known as PPACA (Patient Protection and Affordable Care Act) HR 3590
Accountable Care Organization A medical services group that focuses on coordinated care for patients in order to lower medical costs and share in savings achieved for the Medicare program
Apps Applications that can be downloaded and stored on cell phones
Computer tablets A mobile computer that is larger than a smartphone that has a flat touch screen
Direct Written Premium The total premiums received by a property and liability insurance company without any adjustments for the ceding of any portion of these premiums to the reinsurer
Fee for Service Medical services are paid for separately
Fee for Value As opposed to fee for service, which in theory incentivizes the quantity rather than the quality of medical care, fee for value bases financial incentives on patient outcomes.
mHealth mHealth is the use of mobile and wireless devices to improve health outcomes, healthcare services and health research. It includes gamification, text messaging, electronic health records and health apps
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Companies mentioned in this report:

Berkshire Hathaway MetLife UnitedHealth Jackson National Life
American International Group Prudential Financial Wellpoint Inc. AIG Companies
State Farm Insurance Group New York Life Insurance Kaiser Foundation Lincoln Financial
Liberty Mutual Insurance Group TIAA-CREF Humana AXA US
Allstate Northwestern Mutual Aetna New York Life
Nationwide Massachusetts Mutual Life Ins. HCSC Allianz Life of North America
Travelers Cos. Aflac Cigna Health Transamerica
Hartford Financial Serv. Grp Lincoln National Highmark Pacific Life
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