In the not-so-distant past, protection insurance could afford to be a fairly sleepy industry. Don’t get us wrong: a lot of important work was still being done, but the group protection policies and how the insurer operated behind the scenes largely escaped major public discussion.
In the last few years, though, that’s all been changing. Rapidly.
Consumers have become ever-aware of their work-life balance and financial stability, while governments are passing regulations to help consumers make sure they’re not being taken advantage of.
Not to mention, technology’s new abilities to offer fresh and exciting services to customers is leaving even the most technologically-adept people a little breathless.
Insurers and employers are both feeling the pressure, but there are so many interesting and unique ways to take advantage of these challenges, especially when you’ve got the right technology in place.
The Opportunity: Protection’s Consumer- and Government-Driven Demands
Markets are always in a constant flux of give and take with consumer demand and business supply, but there are some particularly interesting things happening with this phenomenon in protection insurance.
These include:
- Greater awareness and demand for protection products
- New regulations leading to a customer-centric focus
- The digitalisation and automation of everything
As a result, forward-thinking insurers get to snatch the opportunity in front of them, gain market share, and benefit from their new technological agility for decades to come.
Get the Full View of Protection’s Opportunities
With the rise in consumer awareness, regulatory changes, and tech innovations, there’s a golden opportunity for protection insurers to redefine how they do things, and reap the rewards.
Embracing these changes not only guarantees compliance, but also positions insurers at the forefront of the industry with customer communication and personalised service.
To dive deeper into the intricacies of protection’s evolving opportunities, check out our comprehensive market overview of the state of protection insurance.
