Insurance Innovation Trends for 2016
It’s become very clear to me that InsureTech is “the” game to be in for those of us that love moving the needle. I believe we will hear more and more about insurance industry innovation in 2016 and will see a number of really cool start ups enter the space.
On that note, I ran across a great article today from www.insurancethoughtleadership.com that outlined predictions for insurance innovation trends in 2016.
Some key points to consider while thinking about InsureTech Innovation in 2016:
- 3 out of 4 consumers expert to use a digital channel for insurance interactions
- We must build product flexibility into our lines of business — with limited terms, micro policies and just in time types of insurance policies to protect the risks of life in 2016.
- Leveraging ecosystems is the way to prosper. By finding ways to plug insurance products and services into established and emerging ecosystems where insurance isn’t the primary focus but a component of the overall solution within the ecosystem.
- Services is just as important as covering risk — we must find ways to include more services in an overall insurance solution for our customers. And by the way, it’s not good enough to just answer the phone between 8am-5pm.
I’m excited for what 2016 will deliver in terms of innovation in the insurance industry and at my own company, Berkshire Hathaway Travel Protection. We’ve got some great things in the hopper that will further drive innovation into the travel insurance marketplace. Customers and travel agents should strap in and be prepared to be amazed! :)
Looking back at 2015, we launched AirCare. AirCare is a micro insurance product that focuses on the inconveniences of air travel. The beauty of this product was the claims system we built to deliver an experience that is simply delightful by paying claims within seconds without a claimant having to do anything. How? We leverage flight data to intelligently monitor our customers flights, reach out to them when problems occur and even submit claims on their behalf. Sometimes our customers get claims paid before they even know they’ve qualified — now that is cool. Want to learn how it works? Check it out, below.