Personal Lines

With increased adoption of APIs (application programming interfaces), embedded insurance products can seamlessly integrate into third-party buying processes. 

For every dollar of premium sold, the company pays $1.60. Still! And the churn rate for customers appears to be at least 30% to 40%.

Given how quickly the landscape is evolving, we will likely have a very different channel environment in five years than the one we have today.

A few trends stand out, from the impact of the 2022 election to the continuing roles of inflation and COVID-19, and even green energy’s impact. 

Rising costs, general anxiety about the economy and a surge in relocation that began during the pandemic are driving insurance shoppers to seek more options.

96% of insurer executives see personal lines underwriting undergoing significant changes within five years – remarkable given the shifts that have already occurred.

More than six in 10 people don’t think that any discount is worth letting insurance companies collect more information about their driving habits and homes.

Faced with new challenges, including changing customer expectations and increased competition, MGAs know relationships are no longer enough to stand out.