Welcome to the Insurtech BTB — your view into what’s driving the conversation in the insurtech industry. This proprietary look at traditional and social media landscapes comprises data from a treasure trove of tools and expert analysis from INK’s insurance team. We pull from mainstream media, trade media, and social media from the previous month to determine who is talking, what they’re talking about, and why.
In our previous Insurtech BTB, we discussed how the perfect storm of worldwide natural disasters and economic and social inflation gave insurtechs the opportunity to demonstrate how they mitigate risk with technology and innovation. The expression “when it rains, it pours” proved to be literally and figuratively true in May 2024. Extreme weather persisted and severe storms tore through states in the South and Midwest, continually challenging insurtechs to show their value in the midst of natural hazards and a turbulent industry.
The Sitch
“Natural hazard” remained a leading topic online throughout May as severe storms tore through the South and Midwest, leaving behind extensive damage. Even in areas familiar with springtime storm activity, the scale and frequency of these storms took many by surprise. And with NOAA predicting an above-average active hurricane season, coastal regions are bracing for what’s ahead.
These severe storms and ominous predictions have once again highlighted the toll natural disasters are taking on the insurance industry, from sky-high premiums to some insurers pull out of disaster-risky regions completely. But they’ve also created an opening for Insurtech to lead the conversation on how the industry must evolve along with extreme weather patterns — and why tech is the answer.
To do this successfully, Insurtechs should use their expertise and platform data to show how advanced technologies like AI and machine learning can alleviate some of the industry’s challenges. Agents, for example, are under pressure to help policyholders navigate an increasingly turbulent market and secure competitive rates.
Avoid overhyping the technology or painting hyper-futuristic models for risk-averse insurers. Instead, focus on the everyday use cases making headlines.
Terms We’re Watching By Topic
Being There Before
In-depth monitoring, analysis, and going beneath the surface of what’s trending is critical to bringing value to our clients. The BTB is just one of the tools we use to Be There Before™ for our clients. Learn more about the INK difference in our client partnerships.
