insurance product development Archives

How the Right Requirements Can Make or Break Your Next IT Project

by Rob Berg

Authors: Rob Berg SCPM, CSSBB and Mark Nawrath, PMP, MBA
According to the Standish Group’s Chaos Report, an alarming 19% of all IT projects fail. Meanwhile, a full 60% fail to meet expectations. Stats like this show that tech projects run the risk of failing more often than they succeed. For insurance companies, these numbers should be alarming. The amount of capital—both human and financial—invested in IT projects for insurance companies mean that missteps in implementation planning and execution translate directly into significant waste, both of time and money.
We have found that one of the most impactful ways to shield tech projects from serious setbacks is to invest in establishing a clear set of requirements well before system configuration begins. If you’re not paying attention to the fact-finding and requirement-defining phases of your project, you may be unwittingly setting yourself up for failure.

How do you define “good” requirements?

In a single word: unambiguous. This means painstakingly translating information from subject matter experts into a language that can be easily consumed by developers or those configuring IT systems. Too often, subject matter experts get mired in their own vernacular. They forget that terms and definitions that seem obvious due to daily use and a shared language among colleagues are not likely to be fully understood by the developers—who also communicate through their own shorthand. Insurance technology consulting partners must not only record requirements, but they must also take the time to outline specifically what each requirement means and communicate how it fits into the greater context of the project.
Read more: The Importance of Unambiguous Product Requirements.
From there, consistency is key. By taking ad hoc approaches to write their own requirements from scratch at the outset of each project, we’ve seen insurance companies fail to capture and organize important information along the way. The formatting of the project outline plays an important role, even down to details like consistent sentence structure and naming conventions. When each project looks like an entirely new animal, developers and project managers are forced to spend more time taking in the basics, instead of capitalizing on their expertise to document an exhaustive set of requirements and spot areas of ambiguity that require more clarification.

The cost of hazy requirements

We’ve all heard horror stories about IT projects at insurance firms that have been drastically delayed or simply abandoned because the train got so far off-track that it couldn’t be redirected. For example, we saw a company spend millions buying a new policy admin system, trusting the assurances of their software development vendor that the project would take six months to implement. After six months passed and the project was still around halfway from completion, Perr&Knight was called in to try to salvage the struggling project and stave off a lawsuit.
We discovered that the project was doomed from the start because even basic requirements weren’t clear. Obvious problems included project requirements outlined in disparate emails, multiple stakeholders weighing in at different stages and actuaries who simply passed along a rating algorithm, assuming that programmers could just use it to program for a different state or new line of business. Lack of context was stifling each party’s ability to deliver their full level of expertise.

Far-reaching consequences

Poor product definition – the core requirements that document the use of insurance product rates, rules and forms – has the potential to become a quadruple whammy that can hurt the company on multiple fronts, not just the IT or actuarial department. Here are some of the ways badly defined insurance product requirements leak out across departments and damage the company as a whole.

Lost time – When product parameters require constant clarification from underwriting and regulatory staff, project phases extend to weeks or months instead of days, and the delay drains time that could be better spent elsewhere. This lack of efficiency leads to…
Frustration – Projects that proceed at a snail’s pace drain morale and lead to increasing personal frustration as teams struggle to deliver.
Skyrocketing budgets – Resuscitating shaky IT projects that are midway through development often requires throwing good money after bad. It’s the only way to justify the expenditure up until his point and salvage the project.
Regulatory implications – For projects that do reach completion, those with poorly written product requirements often fail to address the true standards required by state departments of insurance. Configuring incomplete or incorrect forms or rates leads to a significant regulatory risk that can take a toll on the company’s reputation and seriously impede their speed-to-market objectives.

The key to establishing clear requirements

In an industry that depends so heavily on specialized expertise, one of the smartest ways to ensure that your product definitions are clear is to approach the requirement through the eyes of a layperson. It sounds counter-intuitive but boiling down needs and specifications to their most basic, plain-English functions enables project managers to deliver the vital translation between insurance company and vendor described above. Additionally, it helps insurance companies gain a deep understanding of what amount of “out of the box” functionality will truly apply to software products they purchase, versus the amount of customization that will be required to achieve the final end-product.
Though it seems like a safe bet to hire the big guys, we find that when insurance companies go directly to big technology consulting firms for development, they often end up with well-meaning tech developers who may lack adequate insurance domain knowledge. This specificity plays an important role in translating the needs of insurance companies into software that not only improves productivity and speed-to-market objectives, but supports compliance in an increasingly burdensome regulatory environment.
Hiring an insurance technology consulting company to painstakingly outline and define your entire project scope may require a slightly higher initial outlay but think of it this way: you’re in the insurance business. Taking the time to do it right the first time is your own insurance policy against expensive delays and demoralizing headaches.

If you have questions about the adequacy of your stated IT project requirements, our expert insurance software consultants can help.

4 Hurdles to Overcome When Considering a Cannabis Product Offering

by Kyle Hales

The times certainly are a-changin’. As of this publication, thirty states have legalized cannabis use in some form, with eight approving marijuana outright for recreation. As new avenues open up for production and distribution of plants, oils, edibles and the wide variety of other cannabis-related consumer products and medicines, new insurance product development opportunities emerge for companies to provide coverage for every corner of this fledgling market.
As cannabis widens in legal acceptance, the insurance industry is realizing that the market demand for coverage will continue to grow (no pun intended). Before wide-spread legalization, cannabis coverage was part of the non-admitted market; however, as legalization spreads, more and more regulators want companies to write coverage on an admitted basis, which will increase regulation.
The road to cannabis-related insurance product development is still under construction. There are bumps and unforeseen detours along the way. Here are four hurdles to prepare for as you gear up to offer coverage for cannabis products.

Hurdle #1: State vs. federal laws

No matter what is happening on a state level, the bottom line is: according to the federal government, marijuana is still a schedule I controlled substance. It occupies the same classification as heroin, LSD, and peyote. This throws a measure of uncertainty into the entire line of coverage. What if the Feds start cracking down on cannabis companies? If your company pays a claim, could your organization be held liable for participating in what the federal government considers to be a black market? Meanwhile, on a more niche level, certain insurance coverages are regulated under federal standards, such as terrorism and most types of flood insurance. Would your clients be eligible to purchase TRIA or flood insurance? As of now, the answers are unclear.
Just because an insurance product is approved at the state level doesn’t mean you’re fully in the clear to proceed. When the state governing body approves the legality of a product, from an insurance standpoint, the product is fine. However, it’s up to the judicial branch to interpret the contracts. The courts will determine the mechanics of coverage, and those outcomes are still being decided.

Hurdle #2: A long learning curve

Cannabis coverage is uncharted territory, with a lengthy education process for everyone involved. Agents need to be informed as to how the product works, what it covers, what it doesn’t, etc. This information must be sorted out, then communicated to policyholders. Regulators, claims handlers, underwriters—everyone along the entire insurance pipeline is tasked with learning about the new norms and standards for this unconventional product. There are still many ambiguities that require clarification and dissemination among insurance professionals.

Hurdle #3: Product development and pricing challenges

Cannabis insurance product development and pricing are wide open at this point since there is no specific historical information to reference regarding the frequency and severity of claims. It’s also difficult to ascertain an accurate exposure base. Yes, borrowing from other industries that are similar in scope and nature such as tobacco, agriculture and liquor liability can provide the broad strokes. However, when you’re developing a form or trying to determine rates, there’s no specific past data from which to draw. Rate and form development in the cannabis business require a “use your best guess for now” approach.

Hurdle #4: Clarifying what/whom you want to cover

The cannabis industry has three main categories that will require coverage: producers (growers), processors, and distributors. Depending on who you’re insuring, coverage offerings could differ greatly.
Growers and processors require a product liability-type coverage. They will be most concerned with coverage related to product contamination, accidental or deliberate tampering, or recalls. They’ll also need coverage for equipment, general liability, building structure coverage, non-employee slip-and-falls—standard manufacturing-type policies that have nothing to do with cannabis itself.
On the other hand, distributors will need coverage that relates mostly to their place of business, not unlike the types of coverage that apply to a bar or liquor store. As the public consumes the product on their premises, distributors will want to protect themselves against liability from over-serving, fights between customers, product spoilage, etc.

Where do you go from here?

Now that you’re aware of the hurdles, the smartest step is to start drafting a plan. Consider getting approval for products related to one aspect of the industry (production, processing or distribution), then expanding from there. Like all aspects of insurance, regulatory requirements differ by state. Add to that the push-and-pull between state and federal legality, and suddenly the variables multiply exponentially. As mentioned above, there is not a lot of precedent here to draw from, so it’s important to time and proceed carefully. If your company is not set up internally to handle the mountain of research required, work with a proven insurance services provider who already possesses experience drafting policies. Their deliberate methodology and expertise can save you from a significant drain on time and resources.
Cannabis insurance is still uncharted territory with a lot of work to be done. However, if you take your time and proceed carefully, you’ll be in the best position to break in early to this “budding” market opportunity.

At Perr&Knight, our insurance product development experts have already received approvals in a number of states for cannabis-related insurance product. If you are thinking of expanding into cannabis coverage, contact us today to discuss your strategy.

The Sharing Economy: What You Should Know Before Jumping In

by Courtney Burke

Authors: Courtney Burke, JD, CPCU, Michael Goldman, FCAS, MAAA, Les Vernon, FCAS, MAAA
The proliferation of the sharing economy impacts both commercial and personal property casualty insurance by creating new insurance needs. This new landscape brings many opportunities to better serve your customers – but also plenty of pitfalls. If your company is considering undertaking a new insurance product development project to address the needs of this fast-growing and quickly evolving marketplace, here are some key factors to keep in mind.

Mind the gap

Networking companies like UBER, Lyft and Airbnb have specific insurance needs that require customized commercial insurance. If not modified, traditional personal auto and homeowners policies may have gaps in insurance coverage for transportation network drivers and home sharing network hosts due to standard exclusions. For example, although UBER provides liability insurance for its drivers while they are working and Airbnb provides host protection insurance covering third-party liability claims related to a stay, the driver or host may not be protected for damage to their personal property.
The sharing economy also impacts the accident and health insurance industry. The majority of gig workers, i.e. service providers in the sharing economy like UBER drivers or Taskers on TaskRabbit, do not receive employee benefits through their networking companies. This creates a market for individual supplemental health products customized for gig workers.
These gaps create opportunities for insurance companies to develop bespoke products that address highly specific coverage needs.

Insurance + technology = opportunity

Much of the sharing economy is technology-based – services are engaged online or via a mobile phone application. If you’re considering targeting the sharing economy, you may need to mirror this online delivery model for your insurance products. This modernized distribution of insurance provides an opportunity for insurtech companies who can help deliver insurance products that feel native to this tech-centric landscape.

Finding the right insurance product development partner

As the sharing economy becomes more prevalent, you’ll likely begin to explore different methods to provide coverage. If you’re new to the sharing economy insurance market, you may wish to develop products with features specifically designed for this arena, including episodic or short-term insurance, or industry-specific coverage.
To design a solution that keeps pace with the market, you should partner with an insurance consultant who has extensive experience in developing new products. Experienced insurance product development consultants can draft coverage enhancements to incorporate specific coverages that may not be currently offered in your product. A product design consultant will also work with you to understand where coverage gaps or limitations exist in your current product and then make recommendations to address each.

Right pricing requires close actuarial attention

One of the sharing economy’s unique features is shortened exposure periods for coverage. Sharing economy insurance products typically offer coverage just during heightened time periods of exposure to risk, aka “insurance on-demand.” For example, home sharing insurance coverage, such as that offered by Airbnb, would depend on the frequency and length of stays, the number of guests, accessible areas of property, etc.
Understanding and correctly pricing for risks during unique exposure periods requires actuarial experience to correctly handle expense loads, increased risk of adverse selection, potential fraud and risk of litigation. If you’re thinking of entering the sharing economy, work with consulting actuaries and data scientists who have the expertise and experience to utilize predictive analytics and advanced pricing techniques in the development of rates.

Regulation varies by state

Sharing economy insurance products must comply with each state’s insurance regulations – those that apply to all insurance products as well as those specific to sharing economy insurance. For example, several states have passed specific legislation regarding transportation network companies. By working with an experienced regulatory compliance consultant in the markets and jurisdictions you wish to enter, you can ensure that your products comply with applicable regulations and that your products are filed with the states as required.
Strict governmental and industry oversight make insurance one of the most demanding industries for regular and accurate data reporting. Property and casualty insurance policies designed for the sharing economy present unique challenges. For example, for a ride-sharing driver, when is s/he covered by personal auto versus commercial auto? To which special statistical code does the vehicle get assigned? Your regulatory compliance consultants will make sure all these details are covered before you file.
To best capitalize on this exciting time, work with an experienced insurance consulting services team who can help you develop a proactive strategy to release products the correct way. In addition to actuarial expertise, make sure your partners possess years of statistical reporting experience, technical expertise, and data management best practices to help you navigate your unique reporting requirements. With a clear objective and the right team, you can develop a comprehensive solution that puts you ahead of the market in this new economy.

For more information about how to best develop insurance products specifically for the sharing economy, contact Perr&Knight today.

Entering the Workers Compensation Line of Business: What You Need to Know

by Michelle Freitag

Workers Compensation (“WC”) filing activity is increasing as more and more insurance companies and InsurTech providers roll out WC products to round out their insurance product offerings. However, many of these companies possess only a limited understanding of the scope of what is involved in WC insurance product development. In the rush to market, they overlook important requirements that negatively impact the state filings process and stall their product’s release.
Before your company proceeds full steam ahead with your WC product, here are some important considerations to keep in mind.

Multiple rating bureaus and their products

Before an insurance company can begin writing WC they must affiliate with the appropriate rating bureau. The National Council on Compensation Insurance, Inc. (“NCCI”) is the designated statistical agent and rating bureau in 37 jurisdictions. The remaining 14 jurisdictions have either licensed an independent state-specific rating bureau or provide workers compensation through a monopolistic state fund. Companies will need to affiliate with the appropriate rating bureau before filing their product with a state.
Your team must be aware of the product offerings of the various bureaus in order to ensure you file everything you need. In most jurisdictions, the WC core product is already filed on your behalf and you are tasked with providing specific supplemental information. However, the amount of supplementation varies by state. It’s important to know exactly what information you’ll be responsible for submitting. For example, schedule rating is allowed in Connecticut and is filed on the company’s behalf by NCCI in that state. NCCI is also the rating bureau in Illinois and Illinois allows for schedule rating, but it’s not filed on the company’s behalf by NCCI. So, if a Company wants to use schedule rating in Illinois, they must specifically file a schedule rating plan.

Creating a countrywide product is complicated

Many insurance companies think that they can develop a product that meets the requirements for a handful of states, then simply expand coverage to include other states. When it comes to WC, state filings just aren’t that simple. With so many state nuances that require careful navigation, it’s virtually impossible to create a countrywide product that will satisfy every jurisdiction.
Some jurisdictions have required mandatory offerings (ex. risk control services and small deductibles) that may or may not need to be filed with the state. Some states don’t allow schedule rating for WC. Others require drug-free workplace program credits. Mistakenly thinking you can use the same product features everywhere will slow down your state filings process.
Bringing a product to market is never as easy as it seems, particularly when it comes to WC. Unforeseen delays and close regulatory scrutiny are simply par for the course. Perr&Knight has assisted numerous clients in getting their WC products to market. We are knowledgeable about each state’s requirements, limitations and restrictions. For more information about how we can help you achieve successful and streamlined Workers’ Compensation insurance product development, contact our offices today.

The Importance of Collaboration in Product Development

by Terri Hitchcock

Authors: Michael J. Covert, FCAS, MAAA, Principal & Consulting Actuary, and Terri Hitchcock, JD, Director, Product Design
Collaboration in your insurance organization occurs at multiple levels, all of which are important. During product development, your company’s internal collaboration among actuarial, underwriting and marketing departments is a must. External collaboration between your teams and outside consulting firms keeps your product design, compliance, and actuarial consulting partners on the same page. As consultants, on our end, collaboration between and among our own teams is crucial, as all our departments must operate cohesively to ensure that we can meet our clients’ needs in a timely fashion.
Successful collaboration is not just about making engagements run more smoothly–it also has tangible benefits that are immediately evident.

Collaboration leads to the creation of new and innovative products

Don’t waste time developing insurance products that you won’t be able to realistically implement or that your sales team can’t sell. When you solicit input from key departments, you’re able to think holistically about the products you develop and how they will best serve your customers. Begin brainstorming early with all relevant parties. Keep everyone involved throughout the entire process, to make sure you can adjust your product if needed and address potential hurdles likely to arise from regulators.

Collaboration helps consultants serve you better

Sometimes our clients think that partnering with an underwriting, operations, or a consulting firm like Perr&Knight gives them free license to hand over the project and never touch it again. While it’s our job to take on the lion’s share of the work in many cases, the most successful engagements are ones where insurance companies maintain at least some ongoing involvement. Yes, consultants provide guidance and produce recommendations, but there are still many decisions that can only be made by you. Non-involvement creates the additional need to track down required information that can slow down timelines dramatically and potentially result in needless errors.

Collaboration leads to faster approvals

Not only should all your internal teams and external consulting partners be on the same page, but you should loop in regulators as early as possible. This piece of the puzzle is often overlooked. Regulators are often seen as the “big bad wolf,” but the more open you are in your communication, the more of a friend the regulator can be. Another benefit is that, ultimately, fewer questions arise and less back-and-forth is required.

Tips to maximize the benefits of collaboration:

Understand the need for your continued involvement with external consultants. Know up front the role you’ll be required to perform. At the onset of the engagement, confirm the expectations on all parts as to your required involvement. This will prevent possible misunderstandings down the road.
Facilitate ongoing collaboration among all involved parties when developing new insurance products or launching a new IT solution. For example, before you get too far into the development of forms and rates, make sure your IT infrastructure capabilities match what you want your policies/rates to do for you. Get input before you start making the big decisions.
Don’t rush too much. Never prioritize speed-to-market over thoughtful insurance product development and due process. By deliberately involving all relevant parties–from internal teams to regulators–you can avoid the oversights and errors that cause unnecessary delays.
For large engagements, implement regular status updates. In addition to a good project plan, weekly calls, emails and/or an ongoing status report allows everyone to see priorities and how the project is proceeding.
Trust your subject matter experts. Whether you’re launching an entirely new product or tweaking an existing product, solicit input from product design, compliance, and actuarial consulting firms before going deep into development. This will help you understand realistic expectations about the viability of your proposal and your estimated timelines.

Remember, ultimately insurance is a people business. At the end of the day, the decisions you make will have a real-world impact on the individuals and businesses you serve. Don’t hesitate to pick up the phone in place of an email. Sometimes the most effective form of collaboration can be simple voice-to-voice communication.
For ideas about how to facilitate greater collaboration within your organization or with consulting partners or regulators, contact Perr&Knight at (888)201-5123 ext. 3.

Speed-to-Market Tips for New Product Development

by Karen Barrett Daley

Speed to market is always important when it comes to introducing new insurance products. In general, all companies require efficient insurance product development, but in certain cases it’s non-negotiable, such as when a company wants to enter into an emerging market and quickly gain market share, when program business is being moved between carriers and they can’t risk a lapse in coverage, or if an existing carrier is trying to accommodate a large account that has an immediate additional coverage need.
As decades-long providers of insurance product consulting for hundreds of insurance companies across every jurisdiction, we have determined the actions that can significantly impact the speed at which a new product is rolled out.

Here are some important tips to accelerate new product development:

Know your market.

Understanding your market means a couple of things. First, know who your competitors are. Examine who’s writing, what they’re covering and charging, their profitability and their market share. Next, get to know the environment from a regulatory standpoint. Look closely at how the Departments of Insurance (DOIs) treat the line of business in the states in which you will be writing.

Confirm that your company is licensed to write the new product.

Sounds obvious, but plenty of insurance companies rush past this step and pay for it later. Amending your certificate of authority is a lengthy process and, as such, needs to be addressed early on by someone familiar with the company licensing process. Double check first, so as not to waste time and resources on stalled product development.

Flesh out your coverage and check for consistency.

Once you have conducted research and developed product concepts, draft the policy forms, then calculate the rates and premium that will be charged. Make sure your form contains clear, unambiguous and, if possible, tested language, your rates balance competitiveness and adequacy, and your rates and forms are consistent, i.e. that they make sense together.

Ensure your product is compliant in the states you want to write.

It is unlikely that all states will allow you to write the exact product you want. Rather, you will likely need to modify the product, at least a little bit, in each state in which you write. Before filing or implementing your product, conduct a thorough compliance review on both rates and forms, making adjustments as necessary. Shortcutting this crucial step in the product development process will likely result in delays, rejections or time-consuming questions from DOIs.

Be smart about your state filings.

Before starting the mechanics of the filing submissions, you should strategize about how to optimize the outcome of your state filings. Learn about and consider incorporating any rating flexibility that is available in your states to create a more robust rating manual. Take advantage of confidentiality rules to prevent competitors from seeing every aspect of your rating model or underlying support. Determine the priority order of filing submissions by considering DOI turn-around times, filing laws, filing support requirements, desired launch dates and projected premiums by state.
When it comes to releasing a new product quickly, the single most important rule is this: approach insurance product development in an organized manner. Cutting corners will almost always result in re-work and undue delays on the back-end.
Product development is a process that requires expertise in many different insurance-related specialties and extensive industry knowledge. If your in-house teams are not equipped to handle the time-consuming specifics or manage the critical details, partner with an insurance product consulting firm whose industry, marketplace and compliance experience can get your product to market quickly and cost-effectively.

To learn more about how Perr&Knight helps insurance companies release new products intelligently, download our Product Expansion Services brochure.

Not Your Grandfather’s Policy: Reaching Millennials in Today’s Insurance Market

by Terri Hitchcock

As the younger generation leaves the nest, they’re looking for insurance coverage that matches needs that are in many ways unrecognizable from those of previous generations. Not only are there differences in coverage, but millennials have customer service expectations that are vastly different from their parents and grandparents. Smart insurance companies are keeping up with the times, developing insurance products and customer service processes that match the millennial lifestyle–and it all starts by understanding how millennials live their lives and what’s important to them.

Home is where the Xbox is

Gone are the days of household inventory lists that include china cabinets, grandfather clocks, and heirloom silverware. Today’s millennial customer needs insurance for electronics, electronics, and more electronics. Flat-screen TVs, tablets, smartphones, external hard drives, smartwatches and gaming consoles comprise a millennial’s most prized possessions. Smart insurance companies are developing products that provide replacement coverage for electronic devices based on the current cost of brand-new equipment.

Bling home the bacon

Millennials are earning higher salaries in their first few years on the job than their parents ever did. Many are using this hard-earned cash to buy luxuries like high-end watches, jewelry, artwork, and sporting equipment. These one-off valuable items require policy extensions that expand beyond a basic homeowner’s or renter’s policy. The standard policies that many companies currently have in place don’t address these needs. They’re still offering $50k in contents when what the millennial consumer really wants is $5k in contents and a jewelry or sporting goods floater. Insurance companies should mine data to discover which higher-value items millennials seek to insure and offer policies that explicitly provide this coverage.

Click here for coverage

The millennial attention span is notoriously short (some research pegs it as shorter than a goldfish). Insurance companies can’t afford to continue much longer with paper-heavy processes. Young people don’t want to sit in an insurance office and listen to a pitch. They want to compare coverage at any hour, fill out an online form, upload a few pics from their smartphone and click to initiate a policy right away. Wise insurance companies are dedicating resources to developing a seamless digital presence that enables millennial customers to conduct much of their business online.

Spread the love

If baby boomers were the “Me Generation”, millennials are the “We Generation.” Social responsibility is important to young people and they seek to do business with companies that make an effort to invest in good causes and help communities in need. They’re more influenced by an insurance company’s explicit social actions today than a stalwart legacy. In addition to openly investing in good causes, insurance companies can tap into millennial altruism by crafting policies that empower customers to designate a charity that will receive monies somehow derived from the customer’s purchase, such as shared profits or a designated donation.

Rewards, rewards, rewards

So many of today’s companies offer rewards and incentives for adopting their services–and millennials expect their insurance providers to do the same. They’re looking for policy providers who craft offers that acknowledge good behavior and reward loyalty. Developing insurance products with vanishing deductibles, with the ability to purchase coverage instantly for only a limited period of time or a particular event, or with unrelated co-insureds show millennial customers that their insurance company acknowledges both their responsible behavior and the change in lifestyles and demographics.

Life in the fast lane

Millennial customers expect their insurance companies to respond with lightning speed when they have a question, need assistance or want to process a claim. They don’t want the current cash value of their property; they expect their insurance policy to replace their stolen or damaged property with the latest and greatest technology. They expect a guaranteed replacement cost, even if it’s above and beyond the current worth of the loss. And they want it on their doorstep tomorrow. The more an insurance company can streamline these processes, the higher regard they’ll receive from millennial customers.
Relationships have always been at the heart of the insurance business. Insurance companies must take a close look at what drives millennial decision-making. Outside sources like technology companies are encroaching on the insurance industry, upping the competition through their understanding of the millennial mindset. These tech companies hold no attachments to the “business as usual” mentality that many insurance providers have adhered to for generations.
By responding to the real-world expectations of the millennial market, insurance companies can establish trust by providing products that match the millennial set of priorities. Companies who ignore these priorities risk being left behind.
Interested in developing new insurance products to reach Millennials in your market? Contact us today to speak to our insurance product experts.