The Impact of Alternative Providers in Insurance provides an in-depth analysis of the potential disruption caused to the UK insurance market should an alternative provider such as Google or Apple seek to enter. Among the points discussed include whether consumers are open to purchasing insurance from an alternative provider, the potential collaboration opportunities for current providers, as well as some examples of collaboration already occurring across different markets.
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The insurance industry has seemingly awoken from a slumber in the last few years, and is now comparatively surging with innovative energy and insurtech propositions. But the most advanced technologies are rarely utilized, and with the industry still learning to build closer engagement with customers the market remains vulnerable to the entrance of alternative (or non-traditional) providers.
The most disruptive alternative providers are likely to be technology specialists, as leveraging the latest technology will enable them to operate more efficiently and greatly improve the customer experience.
- Among a number of alternative brands, survey respondents were most open to purchasing an insurance product from Amazon.
- Collaboration with leading technology companies will provide opportunities to develop a competitive edge in a number of areas.
- With almost a fifth of consumers open to purchasing home insurance from Google there is an opportunity for the tech giant to leverage its smart home devices in this space.
Reasons to access
- Discover which alternative providers pose the greatest threat to the insurance market and potential areas in which to collaborate.
- Identify which insurance products consumers are most likely to purchase from alternative providers.
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