InsurTech could rightly be considered the greatest of the Wild West insurance opportunities, but in terms of opening up new markets, Group and Voluntary Benefits are making their own case for a land of new opportunities.
Olympic athletes have to put all of their hard work to the test every four years, but insurers have to do it every day, without letting up, faced with new startups and new entrants from outside the industry.
Preparing and administering the recently passed state PFMLs is much like bringing home that second, third or fourth puppy—arriers and TPAs have a strong background and framework to build from, but each one has enough nuanced differences to create headaches.
Increases in the complexity of the leave landscape will drive more employers to look to insurance companies and TPAs to manage employee leave administration—creating an opportunity to provide additional value and deepen the relationship.
Visionary insurance leaders see the market, customer and technological trends as a many-fold opportunity—preparing to use new sources of data, reach new market segments, offer innovative new products needed by customers, and more.
People are wired to gravitate toward ease of use, and fully connected partner ecosystems are a way insurers can deliver it.
As the industry continues a new digital awakening and adapts to market changes, new customer expectations, and global demands, those insurers willing to adopt a different mindset and leverage the latest technology to accelerate growth will accelerate their growth and position themselves in a new era of market leaders.
The burgeoning no code/low code technology space is leading the disruption and shift to the digital era of insurance, but like other buzz words the use of no code/low code platforms has led to confusion.
For those insurers who are already in touch with the program and affinity insurance markets, or those who are considering program and affinity products—can imagination help to meet market opportunities in innovative ways?