Insurers should be focused on conveniently offering customers a variety of insurance options that go beyond their core business solutions in order to more broadly meet the expectations of today’s consumers.

There’s no doubt 2022 has been a challenging year for the InsurTech community. While we’re certainly not immune to the industry headwinds, thanks to our dedicated team at Bindable and an amazing group of business partners, we’re extremely grateful to have had another year of success. Here are some of the highlights from the past year:

What do insurance business leaders need to know about Insurance-as-a-Service?

It seems that everyone is always in a rush to declare the next big thing, and the InsurTech space is no different. According to some recent declarations I've seen, embedded insurance is the "new affinity". The only problem with this take is that traditional affinity is still going strong, and embedded insurance is anything but new. 

Insurance is constantly being transformed by the advent of new technology, changing buyer preferences and behaviors, new products, mergers and acquisitions, and new non-insurance entrants. To remain competitive, all industry players must rethink their strategies to focus on better customer experiences that are innovative and more efficient. Through modernized offerings, industry participants are accelerating the adoption of multi-channel distribution models to meet consumers where, when, and how they like to shop.

Last week’s InsureTech Connect was an event almost two years in the making and one that certainly did not disappoint. With more than 5,000 people attending the show, it could easily be referred to as InsureTech REconnect with the number of familiar friendly faces I saw for the first time in way too long. I, of course, also enjoyed getting to see and meet some new ones while there too!

The world was turned upside down a year ago when the COVID-19 pandemic hit. It went into lockdown, consumers remained quarantined in their homes, and businesses were forced to adapt and change in order to remain above water. As with most other industries, insurance wasn’t immune to the impacts of COVID-19—carriers, agents, and brokers all needed to drastically change their business models in order to continue to meet customer expectations, retain current clients, and attract new ones. Here are 4 trends we have seen emerge from the pandemic that the insurance industry will continue to embrace post-pandemic. 

Prior to the COVID-19 pandemic, independent insurance agents were uniquely placed within the market. Amid a surge of companies looking to disrupt the industry with a focus on technological innovation and end-to-end digital accessibility, independent agents catered to a demographic that valued a more personalized approach.