May 2021: What’s next? Insurance industry marketers look for post-pandemic insights

Many of our customers in the insurance industry have been asking for research to better understand how customer needs have changed over the past year and how product trends will shift over the next six months.

Research requests are focusing on a few key areas:

• Will our customers still love us? Several customers whose products did really well during the remote-work reality of the pandemic need to understand how the objectives of customers and prospects will change as we head back to offices, even part-time.
• Help us define key customer segments. With targeting even more important to marketers post-pandemic, we’ve seen a number of our customers looking for crucial data points to help define fast-changing trends in key segments of their businesses.
• Find data to make the case for a new product. New entrants to markets are even more interested in finding compelling data points to help them drive awareness and pull mindshare away from incumbents.
• I need to make a splash with data. With lots of market upheaval and change, there is a big appetite for vertical market data to make sense of it all. As a result, companies are looking for data to make news and get attention.

If any of these needs seem familiar, I’d welcome the opportunity to talk to you about how PropertyCasualty360 can tailor a custom research program to help guide and drive marketing programs as we move forward in the second half of the year. For more information on our custom research offerings, click here.

Trends Property & Casualty Insurance Marketers Need to Know

• Impact of climate change on claims. How is climate change impacting the insurance industry? This issue will continue to be a pressing one as extreme weather and disasters play a major role in insurance claims and carrier coverage options. More intense hurricanes, tornadoes and wildfires also affect crops, homeowners and businesses. Our coverage will continue to reflect how and why these risks are important to policyholders and insurers.
• The future of work. As companies begin reopening to employees and customers, a new hybrid business model is emerging. Conversations with executives from several insurance companies are taking place regarding what this will look like going forward.
• Carrier modernization efforts. Some of the lasting impacts of the pandemic are beginning to emerge, such as the ongoing consumer demand for more digital insurance products and services, as well as the digitization of insurance processes including quoting, policy binding and claims management. This type of modernization has been talked about in the industry for years, but the last year’s shift kicked these trends into overdrive.
• Talent retention. Insurance-function modernization only serves to underscore the persistent need for the industry to attract and train new talent and different types of talent than it has in the past. For instance, one carrier executive recently shared during a webinar that data scientists are in such high demand in the industry right now that his company has only been able to hire one, when in fact they need many. This solo data scientist floats between departments within the organization in an effort to kickstart the various data analytics programs necessary to truly propel the industry forward.