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2022 was an incredibly difficult year for the insurance industry with inflation, supply chain challenges, rising interest rates and natural disasters all putting increased pressure on growth and profitability. As consumers continue to demand value, convenience and excellent customer service from providers, insurance companies have implemented dramatic shifts in media & marketing strategies and invested heavily in technology to boost convenience and cost-savings for increasingly price sensitive consumers.
Insurance brands will continue to focus on driving brand to stay top of mind when insurable moments occur, while also investing more heavily to reach more profitable audiences and geographic markets in the year ahead.
For more information, please contact Adam Daniele.
Car insurance rates are expected to grow 8.3% in 2023, the largest rate of growth in six
years
Auto insurance policy shopping rose to 12.1% in 4Q22
60% of consumers agreed to implementing a UBI options into insurance policies to boost cost saving in 2022
25% of Insurtech companies are expected to exit the market in 2023, via wind down or acquisitions
Source:
abcnews
JD Power
JD Power
Forrester
