The future of insurance product development
Our Chief Operations Officer, Mitchell Doust, was invited to share his insights around Data Driven Product Innovation at the Future of Insurance USA event, hosted by Reuters Events.
New product opportunities are at the intersection of new data sources, new distribution opportunities, and new utility. Here at Cover Genius, we work with our partners to leverage data to create hyper-relevant offers that are tailored for various audiences. With customers more likely to buy from their favorite brands or retailers, this presents an alternate distribution channel to seamlessly purchase insurance when buying online. With more customers looking to protect their purchases, the changing nature of insurance product development is an opportunity for any business to boost revenue and customer satisfaction.
1:30 How far has the insurance industry come when it comes to product development? How has technology and new distribution channels enabled this?
5:45 How access to data and new distribution channels have opened up new product opportunities. Data provides insights to create tailored offers that best suits the customer.
7:00 How to leverage data points and integrate with third party data to drive insights when creating new products. For example, our XCover platform processes textual content using NLP to help generate hyper-targeted offers.
10:00 What are the new channels to distribute these new products?
11:45 How innovative products and better distribution channels generates more utility around protection products.
- 60% of customers prefer to buy from their favorite online retailers
- 59% of customers were not offered insurance last time they shopped online
- 32% of customers would both buy more and spend more if they were offered insurance at the checkout
14:00 Using real-time data to test how bespoke insurance products perform in the market. How can we dynamically bundle these products together?