Sure CEO Wayne Slavin recently joined Jared Taylor on the Slice of Finance podcast to discuss the parallels he sees between the interconnectivity of banks and what the insurance industry needs to do to move from disparate islands to one unified network. Here are the key takeaways to usher in an interconnected insurance industry.
Key Takeaway #1: Inflection point in the insurance industry
The insurance industry is a real inflection point. After decades of operating in silos, we're witnessing the beginning of a shift toward interconnected systems that will allow for frictionless insurance transactions at the moment consumers need them.
This transformation is driven by three key trends:
- Gen Z consumers are thumbs down on analog, and are screaming for seamless digital experiences that fit into their digital lives.
- Major consumer brands are expanding their ecosystems. They've paid to acquire customers and want to monetize their relationships further.
- Insurance companies are facing unprecedented pressures from pricing to marketing costs to staffing challenges.
Key Takeaway #2: The brand-first insurance experience will win
Consumers rarely, if ever, have affinity for their insurance company. Their loyalty lies with the brands they trust and purchase from regularly. A person doesn't walk around with a t-shirt that says Geico. They are more likely to identify with consumer brands they trust – the brand of car they drive, the airline they fly with most frequently, etc.
This is a perfect opportunity for brands to offer embedded insurance, but the approach these brands take is crucial for driving adoption. AppleCare is a perfect example. They do not offer five different options for AppleCare. They offer AppleCare, yes or no... that type of experience is what will win because it's simply better for the consumer.
Brands must create embedded insurance experiences where insurance doesn't stand in the way. If consumers want to book their flight or buy a car, insurance shouldn't be an obstacle. If brands make it easy enough, they'll buy it.
Key Takeaway #3: Data-Driven Insurance Will Create New Opportunities
Customer data will create personalized insurance experiences benefiting both consumers and companies.
Take smartphones as an example. When you put a case on your iPhone with those magnets used for charging, the phone immediately knows you have a case on. This means Apple could reduce insurance premiums for users they know have a protective case on their phone.
This represents a fundamental shift from traditional insurance data approaches. The industry has been focused on things like driving behavior and telematics data, but what if we thought differently? These data-driven advances will enhance customer experiences while potentially reducing risks and costs for everyone involved.
Looking Forward
At Sure, we're building the infrastructure to make these new insurance experiences possible. We're creating the insurance technology rails that connect insurance carriers with the brands consumers already trust.
For insurance executives and Fortune 500 brands alike, the opportunity is clear: Reimagine your distribution channels to meet consumers where they already are. Create frictionless, embedded insurance experiences that benefit everyone involved.
.png)
