Category
Tech
Delegated Interfaces
Trend cluster
Category
Innovative
Insurance
Insurance companies provide unique plans that lower costs.
1.9
Trend score
Trend
What is the Innovative Insurance trend?
Innovative Insurance: Insurance coverage can be excessively expensive and often comes with a long list of conditions, however insurance companies are now aiming to reach consumers who cannot afford costly premiums. Whether in the form of crowdsourced insurance platforms or cost-free plans, this emerging trend in the insurance industry prioritizes the accommodation of the consumer's lifestyle and needs.
Insight
The consumer insight behind the Innovative Insurance trend
In the United States, where health care and other routine aspects of life tend to be costly, consumers are increasingly searching for cost-accessible alternatives that offer them reasonable coverage. The income disparities and uneven cost of living have left more consumers taking communal approaches to health care and property protection.
Trend themes
Themes within the Innovative Insurance trend
Three behaviours holding the trend together01
Cost-Accessible Insurance Plans
Insurance companies are prioritizing the accommodation of the consumer's lifestyle and needs by providing cost-free plans and communal approaches to health care and property protection.
02
Crowdsourced Insurance Platforms
Platforms like Rega and Laka provide low premiums and comprehensive coverage through a communal model, using blockchain technology to reduce customer costs.
03
Insurance for Independent Workers
As the number of freelancers increases, companies like Trupo are offering affordable health insurance with flexible and accessible rates.
Industry implications
What the Innovative Insurance trend means for industry
Where the trend changes the playbookFor
Insurance
Insurance companies are innovating to provide cost-free plans and communal approaches to health care and property protection.
For
Blockchain
Companies like Rega are using blockchain technology to create crowdsourced insurance platforms that reduce customer costs.
For
Gig Economy
As the number of independent workers increase, companies like Trupo are creating new insurance plans that cater to freelancers.
Workshop question
How could your brand better prioritize its consumer's lifestyle preferences and needs?
Trend signals
Trend signals for Innovative Insurance
Trend score 1.9 out of 10, from popularity 31%, activity 18%, freshness 8%.
Popularity31%
Activity18%
Freshness8%
Audience
50%Men
50%Women
- Gen Alpha (not a primary audience)
- Gen Z
- Millennial
- Gen X
- Boomer
Market
North America
Europe
Asia-Pacific
South America
Africa
Evidence
Examples of the Innovative Insurance trend
5 featured examples from Jul 20, 2017 to Feb 13, 2019CategoryAutos
On-Demand Insurance Apps
The Zego App Provides Insurance to Delivery Drivers Only When Needed
The on-demand delivery industry can benefit from the on-demand insurance trend as it enables companies to provide insurance only for the duration of a driver's shift.
CategoryLifestyle
Cost-Free Life Insurance Plans
'Avibra' Monitors Your Lifestyle and Rewards Healthy Choices
The insurance industry can explore gamification and AI technology to enhance customer engagement and promote healthy lifestyles.
CategoryWorld
Crowdsourced Travel Insurance Platforms
Rega is a Platform for Sharing Risk Built on Ethereum
Rega's expansion into travel insurance can disrupt the traditional travel insurance market.
CategoryLifestyle
Independent Worker Insurance Plans
Trupo Offers Affordable Health Insurance for Freelancers
The insurance industry can adapt to cater to the needs of the growing independent worker population.
CategoryBusiness
Communal Bicycle Insurance
'Laka' Offers Low Premiums Through "Crowd Insurance"
Insurtech companies can disrupt the traditional insurance industry by offering communal insurance models and variable premiums.
