InsurTech 2021 prediction: Personalized insured roadmaps

Andy Bhushan, Founder & President, CitytwigAndy Bhushan, Founder & President,Citytwig
Current state:

The COVID-19 pandemic has revealed deep-rooted challenges in the insurance industry on both sides of the coin—the insurer and the insured to find the right customers and insure them with the correct products. On one hand, consumers lack the knowledge to navigate the complexity of insurance products and identify the right product distribution that fits their lifestyle. Conversely, two common challenges all insurance carriers face include 1) following an unstructured approach to finding clients by reaching out to as many new people as possible --leading to high customer acquisition costs ($300-$700/client) and 2) limiting business opportunity by only selling a specific product while neglecting cross-selling & distribution across insurance lines (P&C, Life & Health).

InsurTech 2021: Find the right customers and personalize coverage

InsurTech solutions that will add most value to carriers and consumers in 2021 include those that 1) enable virtual prospecting to facilitate new channels of interaction between insurers and insureds 2) allow insureds to navigate the complex insurance environment and 3) widen the accessibility of insurance products to younger generations.

1) Virtual prospecting: Carriers need to implement digital solutions that enable data-driven virtual prospecting. Top platforms will help insurers better understand/enhance their data to identify target insured populations, personalize product distributions and assign an agent that would best service each client. These solutions will allow carriers to bolster sales by finding the right insureds, improve product cross-selling and increase client retention through policy servicing from a single platform.
2) Help insureds navigate insurance: Top platforms will bridge transparency between insurers and insureds by allowing consumers to quickly understand specific insurance products that would best provide coverage based on their unique story and lifestyle. Individuals must be able to input minimal details and gain access to product recommendations that would provide coverage across all lines of insurance (P&C, Life & Health). This will help consumers better navigate insurance by understanding end-user benefits of products and comparing offerings from insurance carriers.

3) Widen accessibility to younger generations: InsurTech solutions must create an insurance marketplace where younger generations can seamlessly purchase products through digital channels where the traditional agent face-to-face interaction may not be feasible and digital interaction is preferred.

Citytwig’s Insurance Roadmap Intelligence unique value to insurance carriers:

Citytwig (Newport Beach, CA) is a rapidly growing InsurTech platform that promotes transparency throughout the industry and modernizes how insurance is delivered to the end user. The company’s smart Artificial Intelligence (A.I.) platform builds out personalized coverage roadmaps around each individual/business to identify specific insurance products that would best provide protection across all insurance lines.

Citytwig’s unique value proposition of using A.I. to personalize coverage plans for end users has distinguished itself from other InsurTech startups focused on underwriting and risk mitigation. The platform helps carriers, agencies, agents and end-users bring in more clients and improve product cross-selling by identifying specific product recommendations that would provide adequate coverage throughout an individual or business life cycle. Citytwig’s intelligence is built on top of a database that contains millions of insureds, with A.I. algorithms designed to identify target populations that would be best candidates for specific insurance products. The company provides insurance carriers with target customer leads, product recommendations and cross-sell opportunities to achieve smart product distribution and increase revenues across all lines.

Citytwig’s future vision includes building insurance roadmaps for millions of individuals and widening the accessibility of insurance products to younger generations, women and minority insureds through its virtual insurance marketplace.

Citytwig’s pricing model starts at $1500 annually. Click for more information.
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