Insurance platforms offer personalization for enhanced user control
Implications - As insurance companies and platforms seek to become more accessible, especially to younger consumers who may be intimidated by the process, they introduce customized programs that speak to individual preferences. The modern millennial consumer ultimately regards personalization as a form of autonomy, and they seek products and services that empower them.
Workshop Question - How can you offer your consumer a more customized experience?
Trend Themes
1. Personalized Insurance Programs - Insurance companies and platforms introduce customized programs that offer personalization to individual preferences, especially to younger consumers who seek products and services that empower them.
2. Incentivized Insurance Programs - Insurance companies develop incentive-driven insurance products that are meant to encourage healthier lifestyles using wearable technology, telemedicine, and health incentives.
3. Customized Insurance Apps - Insurance apps are developed to offer personalized services and insurance quotes to consumers with tailored information, at their fingertips by taking advantage of censuses and profile-analytics.
Industry Implications
1. Health Insurance - The Health insurance industry can utilize incentive-driven insurance programs or profiles that encourage healthy living and self-improvement.
2. Property Insurance - The Property insurance industry can customize coverage availability to fit different income brackets of potential clients and offer friendly web platforms to ease accessibility to insurance for freelancers and entrepreneurs.
3. Auto Insurance - Auto insurance companies can offer profile-analyzing discounts for first-time drivers who display safe driving characteristics to ensure lower premiums for responsible driving while still incorporating traditional data to assess driving histories.
