Robo-Advice in Insurance - Thematic Research

Robo-Advice in Insurance - Thematic Research

  • September 2020 •
  • 32 pages •
  • Report ID: 5978781 •
  • Format: PDF
Robo-Advice in Insurance - Thematic Research

Summary
This report provides an in-depth analysis of the robo-advice industry and covers the different ways the robo-advice investing model is being adapted for insurance.It examines the appeal of robo-advice to consumers, as well as the challenges faced by robo-advisors in the market.

It also highlights innovative offerings in the market that specifically cater to the insurance industry.

Robo-advice has become popular in recent years as investors seek strong returns at low costs. While current robo-advisors mainly focus on investments, a handful of them are broadening their service propositions to include other financial services and products, including insurance.

The robo-advice service proposition for insurance products currently follows two approaches.Firstly, established robo-advisors are partnering with insurance providers to offer insurance products through their website or platform.

Secondly, some startups have adjusted the ‘traditional’ robo-advice proposition for insurance. By collecting data on prospective clients through a series of online questions, these platforms determine the suitability of various insurance products and suggest ones that match the customer’s profile.

Successful insurance robo-advisors will need to ensure that the advice and products they suggest are both relevant and affordable, and that customers have the ability to speak to a human representative when they desire.These success factors also hold for ‘traditional’ investment-focused robo-advisors.

This allows successful existing players to expand their current proposition into insurance relatively easily.

Scope
- Robo-advisors will grow in popularity as younger generations begin to acquire more wealth.
- Being able to interact with a human when needed is critical to improving the usage of robo-advice.
- The gig economy presents a large opportunity for robo-advisors.

Reasons to Buy
- Identify the key trends shaping the robo-advice industry.
- Identify key players in the robo-advice space that are providing insurance solutions.
- Plan for the future to stay ahead of the competition.
Loading...

We are very sorry, but an error occurred.
Please contact support@reportbuyer.com if the problem remains.