Property and Casualty Insurance - US - January 2017
- January 2017
- 0 pages
The insurance industry is competitive, as most people make their insurance choices based on price. However, technology is sparking some real innovations in the industry, and they are beginning to attract attention. Because it is easier to attract new, young customers than it is to get older ones to switch, insurers should focus not just on price but also on technological solutions that allow consumers to interact with insurers in exactly the way they want and to get exactly the type of insurance they need. This Report covers some of the challenges involved in attracting these new customers and discusses some of the innovations that are changing the way the industry works.
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Table of Contents
What you need to know
Mobile is not being used
Figure 1: Use of mobile apps, October 2016
Figure 2: GEICO garage email ad, 2016
Consumers need help understanding their policies
Figure 3: Understanding of policy, by generation, October 2016
Few would recommend their insurance provider
Figure 4: Understanding of policy, by gender and age, October 2016
Few Millennials are confident they have the right insurance
Figure 5: Believe they have the right insurance, by generation, October 2016
Reaching Hispanics with agents
Figure 6: Attitudes toward insurance and insurance providers, by Hispanic origin and generation, October 2016
Education can be a differentiating factor
Figure 7: Attitudes toward insurance and insurance providers, by gender, October 2016
Most are satisfied with their providers, but few would recommend
Figure 8: Attitudes toward insurance and insurance providers, by generation, October 2016
Bundled products appeal to women
Figure 9: Factors in choice of policy, by gender, October 2016
What it means
THE MARKET – WHAT YOU NEED TO KNOW
Industry financials show a mixed bag
Unemployment is still low
Continued development of self-driving cars
More driving means more crashes
New home sales are increasing
Figure 10: Industry financials, H1 2015 vs H1 2016 (in billions)
Figure 11: Net written premiums, 2006-15
Top ten writers of P&C insurance
Figure 12: Top ten writers of property and casualty insurance, by direct premiums written, 2015
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