Insurance

Financial services firms are on the hunt. They’re hunting unicorns. As firms like Revolut and TransferWise attain valuations of $1 billion or more, the pressure to find the Stripes of this world before their value skyrockets has never been stronger. But it’s not just the unicorns that firms are hunting. They’re also chasing the wolpertinger. […]

When a car insurance company wanted to boost customer engagement during the onboarding process, it turned to personalized video. No longer a gimmick, brands across verticals use the technology to create unique customer experiences at scale. And the videos resonated with the customers of Geoffrey Insurance: An overwhelming majority of them watched the entire video. […]

Forrester’s 2018 Customer Experience Index (CX Index™) results continue to show that companies are struggling to create and sustain a human connection with their customers. This is not a question of delighting customers as an endgame or some fluffy sense of emotional attachment; this is a crass and clear story of financial risk. Taking a step […]

Improve Your Member Experience Now Or Be Replaced Oscar Health is leading with a customer-centric business model and using technology to transform the future of health insurance. Alphabet’s continued investment in Oscar Health follows recent profit announcements from Oscar, firing a second warning shot to insurers. As Oscar shifts its focus to new populations, including Medicare […]

Forrester’s 2018 Guide To Cyberinsurance Today, no one is 100% secure — believing otherwise is hubris of Icarian proportions. This reality is a core reason why more organizations are turning to cyberinsurance. Because without it in some form (whether it’s a purchased policy or their own allocated cash reserves), they have no safety net to stymie […]

Seven auto and home insurers saw a statistically significant change to their Customer Experience Index (CX Index™) scores in 2018. As a result, the average score for the industry has moved up one point since 2017. Insurers should not get too excited, though. Despite this small lift, most policyholders in the US saw little or no […]

It’s good times for Canadian and US life insurance companies.  Job and some slight wage growth has spurred an increase in life insurance sales, both through the employer as well as individual life insurance sales.  At the same time,  90+ million Millennials are moving into the life stages of home ownership, parenthood, and marriage that […]

AI, blockchain, chatbot, digital identity, etc. — there’s enough emerging technology in financial services to fill a whole alphabet book. And it’s difficult not to get swept off your feet by visions of bionic men, self-executing smart contracts, and virtual assistants that anticipate our every need. Investing in emerging technology is one of the main […]

In their quest to become digital insurers, insurance carriers have a revolutionary opportunity to improve their businesses with new and emerging artificial intelligence (AI) technologies. It is certainly a balancing act to find that perfect peanut butter-and-jelly combination of operational efficiency and customer engagement, however I believe many insurance carriers to be up to the […]

Having trekked between the ExCel convention center and central London for most of last week – Finovate Europe moved to this larger and more remote location from the historical Old Billingsgate Hall this year – I can’t help but think that the changed location and format of the event reflect the wider changes happening in […]

Insurers have so far been shielded from digital disruption by an older demographic, underwriting expertise, and regulatory barriers. But this is changing. The past few years have seen the emergence of a growing number of digital insurers like BIMA, Cuvva, Lemonade, Oscar, Slice, and Trōv, which use digital technologies to simplify the buying and managing […]

Happy 2018! I hope everyone enjoyed their holidays and had a chance to relax. As we get back to the swing of our regular routines, I have to wonder — what becomes of the season of giving? The Salvation Army bell ringers have disappeared, and cause-related marketing ads promoting companies’ charitable giving (like Subaru’s Share […]

Canadian and US insurers have a lot on their plates this year.  They’re not just grappling with extreme weather, substantial underwriting losses from all those motor vehicle claims, but also rising customer expectations and an onslaught of fintech disruptors.  These disruptors are spurring lots of activity in insurance digital labs, insurance venture capital arms, and […]

Have you ever thought about going to the doctor and questioned, even momentarily, “Hmm, I wonder if my insurance will cover this?” Or have you ever received a medical bill that was higher than expected? If so, you know these situations don’t elicit a great feeling — and you’re not alone. The fear of not […]

The US health insurance industry is in the midst of a tectonic shift. Since federal legislation mandated health coverage for all US citizens, health insurers have been pivoting away from pure B2B models to reinvent themselves as B2C services – and they’ve been responding to the demands of a new target group: consumers who purchase […]

If you’ve been following our blog, you’ll know that the Data Insights team here at Forrester has been tracking the evolution of US healthcare reform over the past three years and its implications in terms of consumer behavior, attitudes, and expectations. Our study began in July 2012, when we advised health insurance companies how to prepare for […]

As the healthcare industry depends increasingly on software to drive the change to value-based care from transaction-based compensation, the future of global healthcare is increasingly bound to the technology that will deliver: Patient engagement to create behavior change for health optimization. Integration solutions that will allow stakeholders to share information about populations and individuals across […]

With Kristopher Arcand If the healthcare industry exhibited symptoms of dysfunction, the US government administered a wave of treatment in the form of the Patient Protection and Affordable Care Act. October 2013 marked the opening of online insurance marketplaces, and set the stage for the act's requirement that most US residents have health insurance coverage. […]

My latest report, “Case Study: How PURE Insurance Built A Customer-Obsessed Business,” is a case study of a company using its customer-obsessed business model to stand out in the insurance industry. Since its start in 2006, PURE has grown more than 40% each year and has one of the highest Net Promoter Scores in any […]