The insurance industry has one of the highest customer acquisition costs of any industry. It can cost more than seven times as much to acquire a new customer as maintaining an existing one. (ITL). However, the global protection gap is nearly $1.2 trillion. (Risk & Insurance). This means there is a lot of opportunity on the table across all lines of business for insurers.
Insurers now are seeking ways to acquire new customers that rewrite the existing rules and drive down the cost of acquisition. With affinity groups no longer in vogue, InsurTechs now represent the dominant strategy for insurers to reach new customers. Some carriers are focusing on building those innovations internally through special projects often called internal InsurTechs. Other carriers are seeking help from external InsurTechs.
Hear from the carriers that are doing it. Learn how to leverage internal and external InsurTechs to drive down the cost of acquisition and spur growth.