The Era of Uncertainty: Insurance

How Insurers Can Turn Gathering Headwinds Into Opportunities

Report by Eleni Digalaki  | Jul 14, 2022
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Table of Contents
Executive Summary
Market Turbulence Gives Insurers Pause, but Insurtechs Face a More Formidable Battle
Short-Term Changes
Long-Term Changes
What Should Insurers Do?
Insider Intelligence Interviews
Read Next
Sources
Media Gallery
About This Report
A difficult market environment is reshaping insurers’ priorities. Insurers that focus on improving customer lifetime value and meeting evolving consumer expectations can turn challenges into opportunities.
Topics
Insurance
Marketing Spending
US
Table of Contents
Executive Summary
Market Turbulence Gives Insurers Pause, but Insurtechs Face a More Formidable Battle
Short-Term Changes
Long-Term Changes
What Should Insurers Do?
Insider Intelligence Interviews
Read Next
Sources
Media Gallery

Executive Summary

Worsening inflation and market turmoil have compounded insurers’ struggles with high commoditization and competition. Insurtechs have seen their valuations dwindle and are now faced with sparser and costlier funding that could break them.

Key Question: What do short- and long-term challenges and opportunities mean for insurance providers?

Insurtech Funding Worldwide, Q1 2020-Q1 2022 (billions )
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KEY STAT: In Q1 2022, insurtech funding fell 58% quarter over quarter to $2.2 billion, the worst level since Q2 2020.

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    Table of Contents

    1. Executive Summary
    2. Market Turbulence Gives Insurers Pause, but Insurtechs Face a More Formidable Battle
    3. Short-Term Changes
    1. Long-Term Changes
    2. What Should Insurers Do?
    3. Insider Intelligence Interviews
    1. Read Next
    2. Sources
    3. Media Gallery

    Charts in This Report

    Insurtech Funding Worldwide, Q1 2020-Q1 2022 (billions )US Insurance Digital Ad Spending, 2019-2024 (billions and % change)
    US Usage-Based Insurance Drivers, 2019-2023 (millions and % of insured drivers)Trust in Traditional Insurance Providers vs. Insurtech Startups According to US Adults, by Age, Aug 2021 (% of respondents in each group)

    Interviewed for This Report

    Kate Ardini
    John Hancock
    CMO
    Interviewed April 27, 2022
    B.C. Silver
    Root Insurance
    CMO
    Interviewed May 3, 2022

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    authors

    Eleni Digalaki

    Contributors

    Tyler Brown
    Senior Analyst
    Caitlin Cahalan
    Researcher, Financial Services
    Maria Elm
    Senior Analyst
    Oscar Orozco
    Director, Forecasting