Insurance exists to give policyholders peace of mind. It is designed to answer a policyholder’s 3 a.m. “what if” questions. What if my house catches on fire? What if a car crashes into my family’s restaurant? What if my grandfather slips and falls? The first answer that should pop into that policyholder’s mind is, “It’s okay, I have insurance.”
But today’s “what if” questions are not the same as yesterday’s, nor will they be the same tomorrow. To retain their customers and maintain their relevance, insurance companies need to ask some questions of their own. What new business models should insurers create to keep their competitive edge? How will they appeal to the customers coming of age today? What kind of peace of mind are their current and future policyholders looking for, and how can insurers provide it?
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