Consumers choose functionality over rewards when it comes to insurance
Implications - Moving away from rewards, insurance companies are increasing incentive by adding more value to their existing platforms. Whether it's through heightened safety or personal wellness, these features suggest that, though consumers enjoy being rewarded, they are beginning to place greater emphasis on the functionality of a product or service.
Workshop Question - What is your brands current system for identifying consumer preferences?
Trend Themes
1. Value-added Services - Insurance companies are increasing incentive by adding more value to their existing platforms, suggesting that consumers are beginning to place greater emphasis on the functionality of a product or service over rewards.
2. Wearable Incentivization - Insurance programs and companies are incentivizing healthy lifestyles and activities through the use of wearable technology, providing an opportunity for collaboration between healthcare, tech, and insurance industries.
3. Flexible, On-demand Options - Insurance companies are adapting to the changing needs and habits of younger generations who require more flexible, on-demand insurance packages, an opportunity for more personalized and innovative insurance policy offerings.
Industry Implications
1. Healthcare - The use of wearable technology and incentivization programs in insurance highlights the continued blurring of lines between healthcare and insurance industries.
2. Tech - The integration of technology into insurance, whether through apps, wearables, or machine learning algorithms, presents opportunities for innovation and collaboration with tech industry professionals.
3. Retail - Insurance companies are adding value through personalized recommendations, providing an opportunity for collaboration with retail industries and product/service providers.
