Insurance companies adapt to the transportation rituals of city dwellers
Trend - Insurance companies are expanding their services to cover changing commuter needs as innovative modes of transportation--from ridesharing to autonomous vehicles--are challenging their traditional business models.
Insight - Urban centers are becoming increasingly populous as young people search for opportunities and entertainment. As they come of age, consumers feel a need to conquer the job market and expand beyond the boundaries of the small town, both professionally and socially. While they are settling in, they enjoy more compact modes of transportation that are reasonable for their tight budget, which has to be considered of home, meals, entertainment, and so on.
Insight - Urban centers are becoming increasingly populous as young people search for opportunities and entertainment. As they come of age, consumers feel a need to conquer the job market and expand beyond the boundaries of the small town, both professionally and socially. While they are settling in, they enjoy more compact modes of transportation that are reasonable for their tight budget, which has to be considered of home, meals, entertainment, and so on.
Workshop Question - How could your brand better adapt to changing consumer rituals in its area of expertise?
Trend Themes
1. Changing Commuter Needs - Insurance companies are expanding their services to cover changing commuter needs as innovative modes of transportation--from ridesharing to autonomous vehicles--are challenging their traditional business models.
2. Mobility Insurance - Startups like Voom are offering unique mobility insurance plans ranging from e-scooters to boats that cater to 'episodic usage mobility platforms'
3. Digital Insurance - Digital platforms like INSHUR's UBER car insurance policy allow for fast policy access and personalized rates, leading the trend towards all-digital insurance services.
Industry Implications
1. Insurance - Industries within insurance, specifically those that cater to mobility, homeowners, and ridesharing, will be able to take advantage of the changing needs of today's consumers.
2. Mobility Solutions - Startups that cater to mobility solutions like e-bikes, scooters, and EV subscriptions will continue to grow as more people move to urban centers and opt for sustainable transportation options.
3. Digital Platforms - Business professionals who create digital platforms will be able to take advantage of the trend towards all-digital insurance services and create convenient, personalized experiences for their users.
