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Mintel Comperemedia has today (November 30, 2017) announced ‘Insurance as a Service’ as a key marketing trend set to impact the North American insurance industry in 2018.

Mintel predicts that as competition intensifies, insurance companies will expand their role to include supplementary services and risk mitigation.

Caitlin Moling, Insights Director, Insurance at Mintel Comperemedia, said:

“Traditional insurers face disruption in every direction. Service innovation, improved technology, and generous venture capital firms are opening doors for Insurtechs and competitors from outside the industry, all eager to challenge the status quo. In order to compete and ultimately win consumer loyalty in the year ahead, insurance companies will need to rewrite outdated service models and develop products that offer more value, ushering in a new age of insurance-as-a-service.”

In 2018, expect insurance companies to step out of their comfort zones and enter into an age of creative, dynamic, and perhaps even unexpected partnerships. While recent years have been dedicated to investigating new technologies in small trials, the mainstream will get a full view of what modern insurance can do.

“New competition is threatening traditional carriers’ bottom line and, potentially, the future value proposition for insurance as a whole. One key reason for this is that many consumers think insurance companies are all the same. Very simply, if a company’s product offers no perceived differentiation, or is vulnerable to being redefined by an enterprising newcomer, then consumers will have no problem buying elsewhere. We will see this growing consumer dissatisfaction, combined with digital disruption, tip the scales toward transformation for the insurance industry in the coming year,” concluded Moling.

Interviews with Caitlin Moling, Insights Director, Insurance, and press copies of Mintel’s 2018 Insurance Marketing Trend ‘Insurance as a Service’ are available on request from the press office.