Table of Contents
Overview
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- What you need to know
- Definition
Executive Summary
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- The issues
- Innovation can be more important than cost
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- Figure 1: Interest in insurance innovation, by demographics, January 2016
- Consumers are still not downloading insurance mobile apps
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- Figure 2: Consumers who have downloaded insurance mobile apps, by type of insurance owned, January 2016
- Experience is still key
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- Figure 3: Attitude toward innovation, by generation, January 2016
- The opportunities
- Is there an opening for non-insurance companies?
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- Figure 4: Interest in purchasing insurance from a non-insurance company, by gender and age, January 2016
- Tools that help consumers make transactions are of most interest
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- Figure 5: Interest in text alerts and mobile apps, January 2016
- Incentives can drive usage of health and fitness trackers
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- Figure 6: Interest in trackers with incentives, January 2015
- What it means
The Market – What You Need to Know
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- Life/Health is growing faster than P&C
Market Size and Forecast
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- Historic sales performance
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- Figure 7: Net written premiums for property and casualty, life, and health insurance, at current prices, 2010-20
Market Factors
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- Big data is changing how insurance works
Key Players – What You Need to Know
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- Prudential is offering life insurance to HIV patients
- John Hancock Vitality Program
- Mobile apps go beyond transactions
- Mobile apps are still struggling for usage
- Insurance companies interest in drones is growing
- Mobile-first will grow
What’s Working?
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- Prudential is offering life insurance to HIV patients
- John Hancock Vitality Program
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- Figure 8: John Hancock Vitality Online ad, 2015
- Mobile apps go beyond transactions
What’s Struggling?
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- Mobile apps are still struggling for usage
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- Figure 9: Consumers who have downloaded insurance mobile apps, by type of insurance owned, January 2016
What’s Next?
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- The use of drones by insurance companies will increase
- The mobile-first strategy will grow
- Knip
- MetroMile
- Insurify
- Snapsheet
The Consumer – What You Need to Know
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- Most consumers have auto and health insurance
- Mobile apps are underutilized
- More interest in home security and health tracking devices than in safe driving devices
- Innovative solutions appeal to Hispanics
- Mobile apps or text alerts?
- Most popular mobile apps are transactional
- Millennials are most likely to trust insurance companies
- Agents are preferred to websites for information
Insurance Ownership
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- Most consumers have auto and health insurance
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- Figure 10: Insurance ownership, January 2016
- Single segment is underinsured
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- Figure 11: Insurance ownership, by marital status, January 2016
The Appeal of Mobile Apps
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- Mobile apps are crucial to some
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- Figure 12: Importance of mobile offerings, by demographics, January 2016
- Yet they have yet to catch on
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- Figure 13: Have downloaded mobile apps, by type of insurance owned, January 2016
Interest in Technological Devices
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- More interest in home security and health tracking devices
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- Figure 14: Technological devices for driving, home, and health tracking, January 2016
- Interest in all devices is highest among iGen
- Driving
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- Figure 15: Interest in safe driving devices, by generation, January 2016
- Home security
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- Figure 16: Interest in home security devices, by generation, January 2016
- Health monitoring
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- Figure 17: Interest in health tracking devices, by generation, January 2016
- Hispanics more interested in devices that track driving
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- Figure 18: Interest in devices that track driving, by Hispanic origin, January 2016
- Parents are interested in tracking driving habits as well
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- Figure 19: Interest in devices that track driving, by parental status, January 2016
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- Figure 20: Progressive Snapshot print ad, 2015
Interest in Innovations
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- Men are more interested in innovations
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- Figure 21: Interest in innovations, by gender, January 2016
- Innovative solutions appeal to Hispanics
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- Figure 22: Interest in innovations, by Hispanic origin, January 2016
- Fitness and diet trackers appeal mostly to female Millennials
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- Figure 23: Interest in fitness/diet trackers, by gender and age, January 2016
Interest in Technology Offerings
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- Mobile apps or text alerts?
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- Figure 24: Interest in mobile apps and text alerts, January 2016
- TURF Analysis
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- Figure 25: Interest in technology offerings, TURF Analysis, January 2016
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- Figure 26: Table - TURF Analysis – Interest in technology offerings, January 2016
- Methodology
- Most popular mobile apps are transactional
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- Figure 27: Desired mobile apps, January 2016
- Young people want to use mobile apps to get information
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- Figure 28: Interest in mobile apps, by generation, January 2016
Attitudes toward Insurance
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- Women still don’t trust insurance companies
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- Figure 29: Attitudes toward insurance companies, by gender, January 2016
- Millennials are most likely to trust insurance companies
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- Figure 30: Attitudes toward insurance companies, by generation, January 2016
- Insurers are doing well with parents
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- Figure 31: Attitudes toward insurance companies, by parental status, January 2016
- Hispanics trust insurance companies
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- Figure 32: Attitudes toward insurance companies, by Hispanic origin, January 2016
- Agents are preferred to websites for information
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- Figure 33: Preferred source of information, by generation, January 2016
- High earners prefer agents
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- Figure 34: Preferred source of information, by household income, January 2016
Appendix – Data Sources and Abbreviations
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- Data sources
- Sales data
- Fan chart forecast
- Consumer survey data
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – Market
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- Market forecast
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- Figure 35: Fan chart forecast for total insurance sales, 2010-20
- Figure 36: Fan chart forecast for total property and casualty insurance sales, 2010-20
- Figure 37: Fan chart forecast for total life insurance sales, 2010-20
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