millennials

Is data gold, or your kryptonite?

If you are an insurer, ask yourself this question: Are your customers sharing data with you? (If you aren’t you probably are a customer of insurance, so just ask it the other way around.) Most likely, the answer is “not if they don’t have to”. Why is that the case? Is it a privacy concern? Don’t […]

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What Insurers Need to Do to Survive Today!

Empowered consumers, connected millennials, technological innovation, digital distribution, and new competitors – taken together, these represent potentially explosive dislocations in the insurance industry.  What do they mean for the future of insurance?  Some say that new competitive business models are dooming the insurance industry to reduced premiums and agent and customer disintermediation.  So, what does […]

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Evolve or Die! How Insurance is Being Disrupted!

Connected millennials, empowered consumers, technological innovation, digital distribution, and new competitors — these are all forces for change in the insurance industry. But, what do they mean for the future insurance services? Buckle up! It’s likely to be a bumpy ride! First, the forces for change transforming the insurance industry are likely to translate into […]

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Millennials: The Insurance Customer Has Changed, Will You?

What is the single largest force disrupting insurance?  Millennials! They’re empowered, connected, and leading the charge for change! So, who are they? What do they want? Why do insurance companies have to change to serve them?   Most definitions say Millennials (aka Generation Y) are young adults from ages 18 to 34. They account for […]

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Random Thoughts: Things to Read by IBV

For our Random Thoughts post today, I thought I’d summarize interesting reads my colleagues at IBV published over the last year (and some of mine, too 😉 ). Let’s start cross-industry: About a year ago, Carolyn Baird showed the “Myths, exaggerations and uncomfortable truths” about millennials in the workplace. Not all conventional wisdom about that […]

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Telematics’ Other Big Benefit – Preventing Insurance Fraud

Insurance has to deal with some of the hardest angles of humanity, as particularly in P&C insurance, claims agents are dealing with people at very challenging times, like when they are injured or have incurred substantial damage, or even a loss of a home or loved one. At challenging times like this, expectations are high. […]

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We want our added value from insurance. Mobility makes it happen.

Of all the bills I pay for my own household, I’m still staggered that the insurance bill is the largest component of household spend for which I get nothing in return in the moment. Don’t get me wrong. I do realize how the insurance business works, of course. But still… I’m increasingly scratching my head […]

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Random Thoughts: Data Sharing

New study, new data, so I thought I’d revisit a topic I explored before, about the willingness of consumers to share data to improve either their premium paid, their convenience, or their risk/safety. In general, the willingness has increased: All questions show a slight uptick except for the for the first house sensor one – […]

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Random Thoughts: Googlesurance

As far back as 2006 – when presenting the Insurance 2020 study – I tended to hear the question “What if Google did insurance?” Well, Google has been doing insurance for about 2 years in the U.K. now, and very recently announced the big launch of the auto insurance aggregator part of Google Compare in […]

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Millennials and the looming, difficult questions ahead

At InterConnect last week, there was a great emphasis on insurance in the critical areas of Cloud and Mobility with sessions and content from State Farm, Aetna, Primerica and Nationwide – among others. In addition, I had the privilege of seeing a great session — that was standing-room only — to see the first Mobile […]

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Are customers less loyal? And why?

One trend that we have seen of the past few IBV insurance studies that look into consumer behavior (from “Powerful interaction points” through “Insurers, intermediaries and interactions” to “Digital Reinvention for Insurers”) is that insurance customers seem be becoming less loyal: The question behind the chart is “How often did you switch your insurance provider […]

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A generational gap (vividly illustrated by Uber?)

Recently I had a privilege to speak to a group of life insurance leaders and industry analysts on the topic of “becoming digital insurer.”  The “cambrian explosion” of technologies we’re living in leads to disrupting value chains and rapidly shifting customer preferences, so my thesis was that insurers need to prepare themselves for a continued […]

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