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.
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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 customers 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.
– 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.
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