Abstract
This report examines innovations in a wide array of insurance products-property, casualty, health, life, and annuities-and the widest range of operations, including product development, underwriting, claims, marketing, advertising and distribution.
This report reviews industry innovations and provides answers to the following questions:
- What types of insurance products are being introduced to meet emerging consumer trends?
- How does new technology enable more precise and effective underwriting?
- How can innovative automobile features prevent motor vehicle accidents and result in claims savings?
- How are insurers targeting minority markets with innovative programs?
- How are some insurers effectively using the Internet to reach new customers?
- What factors impact consumers' insurance purchasing decisions?
- Which product innovations are of most interest to consumers?
Table of Contents
- Scope and Themes
- What you need to know
- Scope of this report
- Data sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
- Executive Summary
- Market innovations
- Insurance product innovations
- Underwriting and claims innovations
- Transportation innovations
- Distribution innovations
- Marketing, advertising and promotional innovations
- Consumer attitudes towards innovations in the insurance industry
- How consumers purchase insurance
- Switching auto insurers
- Consumer attitudes towards insurers
- Attitudes towards specific auto insurers
- Preferred insurance innovations
- Insurance Product Innovations
- Key points
- Personal property/casualty insurance
- Innovative market segmentation
- Personal auto insurance
- Life insurance
- Return-of-premium life insurance
- Indexed universal life
- Simplified life
- Zero-premium life insurance
- Health insurance
- Corporate wellness programs
- High deductible health plan (HDHP)
- Healthcare consumerism
- Long-term care insurance
- Cash plans
- Annuities
- Disclosure documents
- Inflation protection
- Investment returns
- Other insurance
- Other financial and retirement products
- Pet insurance and pet injury insurance
- Underwriting and Claims Innovations
- Key points
- Technology driven applications
- Automated underwriting
- SEMCI
- Precise underwriting and pricing
- Predictive modeling and multivariate pricing for personal auto
- Mileage measurements
- Predictive modeling and multivariate pricing for commercial auto
- Predictive analytics for fraud detection
- Lifestyle-based analytics
- Genetic testing
- Catastrophes
- New research initiatives
- Catastrophe claims
- Life insurance
- Standard rates for life-threatening diseases
- Greater policy availability for the elderly
- Simplified life applications
- Customer service
- Transportation Innovations
- Key points
- Automotive features
- Road features
- Distribution Innovations
- Key points
- Online comparison shopping
- Streamlining independent agency operations
- New agents
- Minority marketing
- Brokerages
- Pipeline optimization
- Paperless agencies
- Marketing, Advertising and Promotional Innovations
- Key points
- Granddaddy of innovative advertising
- Web 2.0 market
- Banks in the insurance market/insurance in the banking industry
- Innovative campaigns
- Recent innovative advertising from Comperemedia
- Allstate Insurance
- Figure 1: Allstate Property and Casualty Insurance Company auto
insurance incentive, first seen July 2006
- Insurance.com Insurance Agency, Inc.
- Figure 2: Insurance.com Insurance Agency, Inc., first seen November 2007
- State Farm Mutual Automobile Insurance Co.
- Figure 3: State Farm Mutual Automobile Insurance Company, first seen
November 2007
- Corporate Synergies Group
- Figure 4: Corporate Synergies Group, Inc. informational postcard, first
seen August 2007
- Kaiser Permanente
- Figure 5: Kaiser Permanente communication to agents regarding selling
Choice Solution, first seen August 2007
- Aetna Health Inc.
- Figure 6: Aetna Health Inc. opportunity for consumers to talk to
fitness, nutrition and health experts regarding Medicare related inquiries,
first seen May 2007
- Farmers Insurance Group
- Figure 7: Farmers Insurance Group announcement postcard, first seen May
2007
- State Farm Insurance Company
- Figure 8: State Farm Insurance Company combined auto and homeowners
insurance, first seen May 2007
- The Insurance Consumer
- How consumers purchase insurance
- Switching auto insurers
- Consumer attitudes towards insurers
- Attitudes towards specific auto insurers
- Preferred insurance innovations
- How Consumers Purchase...
- Auto insurance
- Figure 9: How auto insurance was purchased, by age, May 2008
- Figure 10: How auto insurance is purchased, household income, May 2008
- Life insurance
- Figure 11: How life insurance was purchased, by gender, May 2008
- Figure 12: How life insurance was purchased, by age, May 2008
- Switching Auto Insurers
- Figure 13: have switched providers for auto insurance, by
race/ethnicity, May 2008
- Figure 14: Have switched providers for auto insurance, by region, May
2008
- Figure 15: Reasons for switching auto insurance companies, by household
income, May 2008
- Consumer Attitudes Towards...
- Auto insurers
- Figure 16: Attitudes towards auto insurance companies, by
race/ethnicity, May 2008
- Figure 17: Attitudes towards auto insurance companies, by household
income, May 2008
- Life insurers
- Figure 18: Attitudes towards life insurance companies, by age, May 2008
- Figure 19: Attitudes towards life insurance companies, by
race/ethnicity, May 2008
- Customer service by auto insurers
- Figure 20: companies believed to offer the best customer service for
auto insurance, by age, May 2008
- Figure 21: companies believed to offer the best customer service for
auto insurance, by race/ethnicity, May 2008
- Preferred Insurance Innovations
- Figure 22: interest in insurance innovations, by income, May 2008
- Figure 23: interest in innovations, by number of children in household,
May 2008
- Appendix: Other Consumer Tables
- How auto insurance was purchased
- Figure 45: How auto insurance was purchased, by gender, May 2008
- Figure 46: How auto insurance was purchased, by race/ethnicity, May 2008
- Figure 47: How auto insurance was purchased, by region, May 2008
- Figure 48: How auto insurance was purchased, by number of children in
household, May 2008
- Figure 49: How auto insurance was purchased, by total number of people
in household, May 2008
- How life insurance was purchased
- Figure 50: How life insurance was purchased, by race/ethnicity, May 2008
- Figure 51: How life insurance was purchased, by household income, May
2008
- Figure 52: How life insurance was purchased, by region, May 2008
- Figure 53: How life insurance was purchased, by number of children in
household, May 2008
- Figure 54: How life insurance was purchased, by total number of people
in household, May 2008
- Number of times switched providers for auto insurance
- Figure 55: Number of times switched providers for auto insurance, by
gender, May 2008
- Figure 56: Number of times switched providers for auto insurance, by
age, May 2008
- Figure 57: Number of times switching providers for auto insurance, by
household income, May 2008
- Figure 58: Number of times switched providers for auto insurance, by
number of children in household, May 2008
- Figure 59: Number of times switched providers for auto insurance, by
number of people in household, May 2008
- Reasons for switching auto insurance companies
- Figure 60: Reasons for switching auto insurance companies, by gender,
May 2008
- Figure 61: Reasons for switching auto insurance companies, by age, May
2008
- Figure 62: Reasons for switching auto insurance companies, by
race/ethnicity, May 2008
- Figure 63: Reasons for switching auto insurance companies, by region,
May 2008
- Figure 64: Reasons for switching auto insurance companies, by number of
children in household, May 2008
- Figure 65: Reasons for switching auto insurance companies, by total
number of people in household, May 2008
- Attitudes towards auto insurance companies
- Figure 66: Attitudes towards auto insurance companies, by gender, May
2008
- Figure 67: Attitudes towards auto insurance companies, by age, May 2008
- Figure 68: Attitudes towards auto insurance companies, by region, May
2008
- Figure 69: Attitudes towards auto insurance companies, by number of
children in household, May 2008
- Figure 70: Attitudes towards auto insurance companies, by number of
people in household, May 2008
- Attitudes towards life insurance companies
- Figure 71: Attitudes towards life insurance companies, by gender, May
2008
- Figure 72: Attitudes towards life insurance companies, by household
income, May 2008
- Figure 73: Attitudes towards life insurance companies, by region, May
2008
- Figure 74: Attitudes towards life insurance companies, bynumbeer of
children in household, May 2008
- Figure 75: Attitudes towards life insurance companies, by number of
people in household, May 2008
- Figure 76: companies believed to offer the best customer service for
auto insurance, by gender, May 2008
- Figure 77: Companies believed to offer the best customer service for
auto insurance, by household income, May 2008
- Figure 78: companies believed to offer the best customer service for
auto insurance, by region, May 2008
- Figure 79: Companies believed to offer the best customer service for
auto insurance, by number of chidlren inhousehold, May 2008
- Figure 80: Companies believed to offer the best customer service for
auto insurance, by number of people in household, May 2008
- Figure 81: Interest in insurance innovations, by gender, May 2008
- Figure 82: Interest in insurance innovations, by age, May 2008
- Figure 83: Interest in insurance innovations, by race/ethnicity, May 2008
- Figure 84: Interest in insurance innovations, by region, May 2008
- Figure 85: Interest in insurance innovations, by number of people in
household, May 2008
- Appendix: Trade associations
|
