2022 Trends: Insurance

2021 has certainly been pivotal for many industries. With technology advancing exponentially, ESG at the forefront of boardroom agendas and COVID-19 still impacting consumer behavior, companies are having to adapt, shift, transform and innovate in order to serve new customer needs and trends. As we come to the end of the year, many are wondering whether 2022 will hold more of the same, or whether we’ll see any new, seismic shifts. So, we’ve asked our Partner team to share their thoughts.

For the Insurance industry, we’ve asked one of our experts, Daniel Garsin, to share his insights on what we’re likely to see in the year ahead. What new trends will emerge? What is going to shift? Find Dan’s thoughts below:

The insurance industry is set to face multiple challenges come 2022, ranging from worldwide sustained inflation to the impacts of global warming. However, demand is expected to rise which can only have positive impacts on the industry.    

Start-ups becoming scale-ups which eat start-ups

Whether it’s Lemonade buying MetroMile, or Clark and Finanzen. The start-ups of yesteryear are snapping up the start-ups of today. Why? To expand into new lines of business (like Lemonade Car) and/or bring in missing capabilities (like high-value lead generation). Expect more consolidation as InsurTech funding continues to sky rocket.

No one likes going to their insurer, and now more than ever, you won’t have to

Whether you are buying a flight, car or house – insurance cover can be obtained immediately. No need to compare. No need to phone up. You might be thinking, is any of this really new? But with the movement to digital, the sophistication of these offers means that their uptake is only going to increase next year – at the expense of insurers who don’t get onboard. And that’s not the end of it, the same is true for claims. Simple, fast and touch-free payments will become the norm. 

Insurers at the forefront of ESG and climate change

As they tap into customer concerns, insurers are flouting their product’s green credentials. Perhaps a reaction to newer providers majoring in their carbon-neutral offering. Regardless of the reason, the bigger players are getting in on the act. Expect more in 2022. The next challenge will be differentiating those who are simply green-washing, to those who are committing to real, sustainable change.

We can help you make the most of opportunities in 2022. Get in touch today to talk to one of our experts.