What Will Be the Future Revenue Landscape for Insurers, and Is Your Company Positioned to Compete There?
“Oh the times, they are a’-changing.”
After a year of disruption caused by the COVID-19 crisis, businesses all over the world are looking to get back to work. 15 straight months of restrictions have kept many revenue streams closer to a trickle. Surely, now that the dams have been opened, everything will return to normal. Right?
Not only are many industries still lumbering back to activity from their slumber, but the world in which we do business has greatly changed. Many insurance carriers were well behind the times, digitally speaking, even prior to March 2020. If your company was slow to adapt to digital and virtual technologies prior to the crisis, you’ll now have even more to catch up on. The virtual revolution is no longer on the horizon; it is here.
PropertyCasualty360 recently released an article examining the rippling consequences that will come from these difficult times. What will be the future Revenue Landscape for Insurers in a more digital virtual/world? And how can Livegenic help your company get your slice of the pie?
Insurance revenues are expected to grow by $1.4 trillion (a nearly 25% increase) by 2025, according to a recent Insurance Revenue Landscape Analysis. A quarter of that is expected to come from new products, services, and risks. $140 billion in current traditional revenues are expected to switch to technology enabled insurance products. Another $140 billion in distribution is expected to shift from traditional manual sales to digital distribution experiences as more and more consumers purchase insurance through digital platforms.
How can you use Livegenic to capitalize on these coming shifts? Let’s see what PropCas360 recommends:
- “Carriers must reposition as risk preventers, not only compensators.”
- With Livegenic’s convenient live-collaboration video streaming, carriers can routinely check in on policyholders and anticipate future FNOL’s, allowing opportunities to intervene before greater loss.
- “Create a model of continual engagement and risk monitoring to mitigate, manage, and control risk.”
- In addition to our live-collaboration capabilities, our convenient documentation and storage capabilities can be used in tandem to record depreciation, increasing subrogation opportunities. Timestamped photos will track any mounting damage that may add to risk, all in one convenient place for comparison to older documentation.
- “Leverage real-time customer data to improve overall customer experience, increase engagement, and monitor changes in risk.”
- Livegenic allows for a more active relationship with the policyholder, free of the pesky travel costs and scheduling that would be cost-prohibitive under traditional models.
- “Future-ready insurers need to reimagine customer engagement, create a differentiated set of products and services and invest in future-ready business capabilities to support them.”
- That “future-ready business capability” already exists: it’s called “Livegenic”. Let US be your conduit into an ever-evolving virtual tech space. You worry about underwriting, and let us keep you on the cutting edge of insurtech abilities.
The technology of tomorrow will only become more advanced. Time and again, the pace of advancement is becoming exponential. If your business is behind, “Catching Up” is not a one-time event. It’s about maintaining that competitive edge. By partnering with Livegenic, we will be your VIP pass to keeping that virtual lead against other carriers. We are always updating, introducing new tools, and developing new methods for your adjusters to do their jobs more efficiently than before. Let us keep you at the forefront of this changing industry!
Skip the small digital steps, make a giant leap with Livegenic, and get ahead of the competition by establishing your new digital revenue now!