"NEXT Distribution 2028" Insights: Pioneering Insurance Distribution with LoyJoy
What will the insurance industry look like in 2028? Discover key insights from the "NEXT Distribution 2028" study by InsurTech Hub Munich and Roland Berger! As part of the NXT:Distribution program, LoyJoy is at the forefront of these changes.
Feb 1, 2024
As a proud member of InsurTech Hub Munich, and one of the 20 startups selected for the NXT:Distribution program, LoyJoy is at the forefront of revolutionizing the insurance distribution landscape. The newly released study "NEXT Distribution 2028: The Future of Insurance Distribution", a collaborative effort by InsurTech Hub Munich and Roland Berger, offers critical insights into this evolving field. At LoyJoy, we are excited to leverage these findings to empower insurance companies in facing the challenges and opportunities that lie ahead.
Key Findings of the Study
Rise of Embedded Insurance: The study underscores the growing importance of embedded insurance, which integrates insurance products with primary products, enhancing customer experience and value.
Changing Customer Preferences: A notable trend is the shift in customer preferences towards purchasing insurance through non-traditional channels, spurred by digital innovation and evolving customer ecosystems.
Diverse Sector Applications: Embedded insurance is expanding beyond consumer markets into B2B sectors, highlighting its versatility and broad appeal.
Significant Market Growth Ahead: Projections indicate a strong preference for embedded insurance solutions, especially in online transactions, signaling a substantial market growth opportunity.
Eight Archetypes for Future Positioning
Furthermore, the study introduces eight archetypes for future strategic positioning in insurance distribution, which are critical for understanding the evolving landscape.
Source: Roland Berger
The eight archetypes are strategic models designed to guide insurance companies in responding to changing market dynamics and customer expectations. They present diverse approaches, from digital-focused strategies to omnichannel and partnership-based models, helping companies to innovate, adapt, and differentiate themselves in a competitive market. These archetypes are pivotal tools for enhancing customer engagement and aligning business models with emerging industry trends. Download the full white paper here.
The collaboration of InsurTech Hub Munich and Roland Berger in producing the "NEXT Distribution 2028" study provides a roadmap for the future of insurance distribution. As a member of InsurTech Hub Munich and a participant in the NXT: Distribution program, LoyJoy is equipped with the insights and technology to guide insurance companies through these evolving trends, ensuring their success in a dynamic market.
LoyJoy's Role as a Catalyst for Change
Being part of InsurTech Hub Munich and the NXT: Distribution program, LoyJoy is uniquely positioned to address these trends:
Enhanced Customer Engagement: Our AI-driven conversational platform is designed to boost customer engagement, aligning with the embedded insurance model's need for seamless integration.
Reaching The Audience: LoyJoy's conversational marketing platform integrates seamlessly with social media like TikTok, Instagram, and more, as well as websites, ensuring that audiences are always properly reached.
Personalized Customer Journeys: We are committed to creating personalized customer experiences, a critical factor in catering to the modern consumer's demand for customized services.
Generative AI: Leveraging the benefits of LLMs the LoyJoy platform offers you the most powerful AI at your fingertips. Fuel your business-specific ChatGPT by simply uploading documents or your websites to LoyJoy.
👉 Read more about our role in the NXT:Distribution program in this blog post.
Embark on your journey to redefine insurance distribution with LoyJoy. Connect with us to discover how we can help you leverage the power of these emerging trends and position your company for future success.
– by Steffen Wichtrup
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