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Consumer Insurance Trends in 2020

By May 15, 2020February 27th, 2024No Comments

Policyholders today have high expectations from their insurance carriers.

As carriers work to keep up with direct to consumer trends in 2020, technology is keeping pace to provide the right solutions.

WaterStreet Company is here to help connect the dots between advanced technology, carriers and their policyholders.

Top 3 Insurance Trends for 2020

1. InsureTech

Insurance Technology has gained its own abbreviation, InsureTech, much like FinTech for Financial Technology. Carriers have stepped into a world of new buzzwords that’s overcome industries shaping the landscape with better data and greater efficiency.

Consumers today expect insurance technology to adapt to many of their needs, whether for simple and efficient communication with customer service or by becoming insured with personalized offerings to fit their assets and lifestyles. Roles across carriers, from underwriters to analysts, are being shaped along with the industry, tailored towards predictive trends and supported with warehouses of essential data.

Mergers and acquisitions are expected for 2020 as some of the largest InsurTech players consider rapid growth towards better technology. Insurance software with robust APIs, such as WaterStreet Company’s solutions, connect carriers to a myriad of emerging technology.

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2. Natural Disasters

One of the largest motivating factors behind recent consumer interest in insurance has occurred due to natural disasters.

Policyholders across the country face similar challenges in gaining coverage on their homes, vehicles, boats and more. Whether from fire, flooding, high winds, knocked trees, landslides or electrical surges, consumers are faced with increasing risk associated with their locations. This is the case in pockets across the country experiencing climate destabilization, but not limited to one state or region.

California has gained attention from 2019’s surge in wildfires, leading insurance companies to reconsider their offerings in this state. The case is similar in areas such as the midwest with Tornado Alley, and parts of the northeast at risk from Atlantic Ocean hurricanes, but these risks are not limited to one specific part of the country.

3. Acquiring New, Modern Customers

The way consumers approach insurance is also quickly changing. Many of the assets policyholders wish to insure require a unique approach.

The gig economy has affected how policyholders seek coverage to fit their assets as a form of additional income. For example, usage-based coverage for automobiles allows an individual who drives their car for ride sharing to pay for insurance while they’re “on the clock” by accounting for per mile the car is driven. This method of data collection is called telematics.

Consumers continue to seek out personalized plans to fit their economic situations. InsurTech allows carriers to rapidly adapt to new revenue streams emerging from consumer demands.

Reach out to WaterStreet Company today to request a consultation and demo.

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