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Talking trends: insurance hot topics under the spotlight.

February 8, 2022

For a recent Talking Trends webinar, we invited a panel of Willis Towers Watson experts to discuss some of the hot topics that North American property & casualty (P&C) insurers will face in the next few years.

Alongside the regular challenges of running a business, dealing with catastrophes and serving customers, the insurance industry has had a number of unique challenges in 2020 and 2021. These have included working remotely, planning return(s) to work, regulatory challenges, the effects of social inflation on claims, and the unanticipated changes in loss and premium patterns.

So, what do these macro socioeconomic and industry trends mean for how insurers better engage existing and new customers, become more effective in how they make and implement decisions, and ultimately unlock new sources of revenue and profitability? That was the starting point for questions posed to our panel by Americas P&C Sales and Practice Leader Katey Walker.

• Charlie Carwin — Americas Product Leader, Capital Modeling and ERM (Enterprise Risk Management)
• Scott Gibson — Director, focusing on Business Process Excellence
• Yi Jing — Director, focusing on reserving and M&A
• Michael McPhail — Director, PPCU (Product, Pricing, Claims and Underwriting)

Impact for core functional areas

Katey Walker: Efficiency and effectiveness have been big topics for insurers in 2021. Given that our expectation is that the focus on these areas will continue, what impacts do you foresee for core functional areas?

Charlie Carwin: If you look at the past trend in capital modeling, everyone got excited with all the possibilities and what they could do with models. To take the analogy of a car, companies started building their own engines, adding their own transmission and own braking systems, and perhaps deciding if they wanted air conditioning or not.

The end result was large and expensive to maintain models that were producing value — but not necessarily in line with the costs associated with them.

So, a key trend is simplification: how insurers are approaching quantification and the modeling of risk. Companies are more and more interested in off-the-shelf models, the buy-versus-build-type situation. To go back to the car analogy, they're not interested in building their car; they're more interested in driving it and extracting value that way.

Associated with that is simplification on the IT side. “The great resignation” has been an influential factor in companies’ interest in cloud solutions or other solutions that are more scalable and that allow them to reduce the reliance on owned hardware and IT teams.

Michael McPhail: Picking up on what Charlie said about off-the-shelf solutions, that’s true across the entire insurance process.

Whether it’s a policy or claims administration system, many carriers recognize the benefits of simplifying their processes. A big issue often is that they have all these old legacy systems. Trying to move completely off the legacy system can be hard. Starting afresh is a big challenge but might be justified by the benefits in some cases; however, the use of application programming interfaces (APIs) in off-the-shelf software is making the task of connecting legacy and new systems much more straightforward.

Katey Walker: Beyond simplification, the other big word we hear in tackling efficiency is automation. How is that changing the landscape?

Scott Gibson: I’d describe it as not so much changing the landscape but enabling it. So, if we go back to Charlie’s car analogy, for example, we need some sort of road — a layer that’s going to provide the ability to use the insights of a model in multiple ways.

That’s where automation comes in, particularly in light of the proliferation of different tools and data sources and the push from regulators for transparency in understanding how information is being used to affect the customer.

Automation can play a key role because, when you think of compliance risk, for example, it's not a value-added operation. But it needs to be done, and it needs to be done accurately and to a deadline. Automation is a great opportunity to streamline and provide efficiencies.

In addition, the bots can do the repetitive tasks so that users can focus on extracting the value out of those processes. And that takes us back to simplification, where instead of having long-drawn-out, complex and highly manual processes, automation cleans up the edges so that carriers can focus on the sources of added business value.

Ways of working

Katey Walker: Let’s extend these concepts of simplification and automation. How do these change what actuaries and we, as consultants, spend our time doing?

Yi Jing: From a reserving standpoint, there are more uncertainties than ever. I think companies are really looking for actuaries to provide insights about how to deal with these uncertainties and, more so, how to quantify them.

So, for example, for COVID-19, how do we measure the direct COVID-19 claims? How do we assess or reflect the indirect COVID-19 impact? And in October, we saw inflation hit a 30-year high, so how do we account for future inflation and our reserves if that's not in the historical data?

There is certainly a need to go beyond some traditional methodologies and explore new methods or tools to help address some of these challenges and questions both in the shorter and longer term.

Katey Walker: While we’re talking about insight and circling back to the idea of driving value, all of you have worked for insurers, so what are your perspectives on ways for insurers to capitalize on both?

Scott Gibson: One aspect was our project list kept growing and growing, and we could never knock enough things off of it to whittle it down. That's kind of how I moved into the business process excellence space. And I think that challenge is becoming even more dramatic because the pace of change is accelerating in the industry; the management questions are getting larger and larger, including now, for example, around climate risk.

The best part of my role now is I get to ask if a company could refine a process and smooth it over; if eight days became five days, what is the opportunity to create more value for the business?

Michael McPhail: Senior insurance executives want to know the answers to “why” questions. “Tell me why trends are happening this way. Tell me why there is adverse claims development,” and so on. These historically have been hard questions to answer.

You can do some wonderful analysis, but if you can't answer that question, it really doesn't matter. And this is where I think predictive analytics can be really useful because, oftentimes, when someone can't answer that question, they start scrambling and point to some sort of anecdotal evidence that becomes a story that may or may not be true.

With data science becoming more common, and senior executives understanding analytics better and better, they're looking for more robust answers. So, I think combining predictive analytics with communicating results clearly is a significant opportunity to add value.

Katey Walker: But can predictive analytics be overdone?

Michael McPhail: Yes, but don’t get me wrong, predictive analytics are a wonderful thing and companies benefit hugely from using them, in my opinion. The danger is becoming fixated on things being perfect — which takes way too long. I had a coworker who once told me that you can get a 95% solution at 20% of the time and cost of a perfect one, and I’ve remembered that. Models aren’t meant to be perfect; they’re meant to be useful.

Katey Walker: Pricing is always a hot topic, so could we turn for a moment specifically to the opportunities you see in this area. What are some of the key aspects for potential pricing improvements in your view?

Scott Gibson: I come at this from the perspective of how to optimize what is a big workflow for insurers.

With rate indications, for example, there tend to be discrete points in time when insurers are considering the indication information for a particular state and line of business. What would be helpful is to move to a more continuous flow of information, so that the data from underwriting, claims, reserving or wherever drives when those changes are required and which pieces of information are most important to the indication. It could also automatically bring in maybe new, relevant external and internal trend information to drive a faster and more efficient pricing process.

Michael McPhail: One area is just quickening decision making. A big part of that is looking for broad strokes rather than trying to be overly precise. If I think about a rate indication, there are a lot of components that an insurer could spend a whole lot of time on, such as picking loss trends. We can use automation to make that faster while maintaining accuracy.

Another opportunity is to be able to better incorporate information from the claims and underwriting teams on a real-time basis. If underwriters are continually making risk-based adjustments, let's say on schedule rating outside the filed rating algorithm, how can that information get back into the pricing process to potentially improve the pricing models? This is far from an isolated example, as insurers have tended to do the pricing process in silos with limited communication and sharing of information between teams.

And finally, one area that I think is more directly related to improving the actual pricing process itself is considering the impacts of pricing changes on a portfolio over many periods, rather than just the filing period. Companies often make short-term decisions based on annual profitability targets but don’t necessarily factor in that a rate increase will likely have an impact on customer behavior and could lead to premium leakage. Predictive analytics can definitely help improve portfolio management by thinking about how customer behavior is impacted over many periods.

Katey Walker: Any thoughts on how simplification, automation and analytics can enhance the reserving process?

Yi Jing: When companies are doing quarterly — or even monthly — reporting, actuarial departments can be very stretched and are faced with the long project lists that Scott mentioned earlier.

So, the opportunity, as we see it, is to better use people's time by potentially automating tasks such as selection of loss development factors. Actuaries can then spend more time doing deep-dive analysis to reveal some of the drivers of the results being seen. This might include implementing diagnostic tools to pick up trends, assess those trends and find anomalies.

Another area attracting investment in our experience is better management reporting, so that senior managers have a better understanding of what the numbers mean through the use of automated executive dashboards and suchlike.

Michael McPhail: I’d just add a comment on the overlaps in the use of predictive analytics in giving indicators for action on pricing and reserving. For example, we’ve started working with insurers to use machine learning to understand the drivers of prior year development that can be verified with claims teams for explanation to senior management.

Katey Walker: Related to management insight, visualization has been a buzzword in recent years. So where does that fit into the future role of sharing results?

Michael McPhail: No question, it’s huge. My opinion is that it should be simple to understand and see what’s trying to be communicated, e.g., the drivers of a result. If it takes five minutes to explain the visualization, that’s self-defeating.

Yi Jing: I’d echo that. The clearer you can make the information jump out of a graph related to, say, adverse development in various lines of business and frequency severity trends, the better it is.

The “T” word: Transformation

Katey Walker: A lot of what we’ve been talking about comes back to transformation. Each thing is changing what insurers do and how they do it. So where do companies start if they consider transformation as perhaps too great a challenge?

Scott Gibson: Absolutely. So in a lot of cases, the best bet is start small; look for easy wins or changes to a process. Automation is often a good solution because it doesn’t involve going back and fixing a process, not to mention it can build some momentum for further transformational activities. Later, it’s always possible to then go back and review the process itself.

Charlie Carwin: I feel there are pretty established best practices in capital modeling, but what is changing is that senior managers actually need to be able to see the results — and in a timely manner.

So when I think about visualization, for example, I think of it as just making sure that there's the marginal impact of capital from a material decision on every report. So it shouldn't be determining the decision; it shouldn't be this is what's making the decision by any means. But it should be available and should be impacted.

But for that to actually happen, you have to have capital models that are responsive. It can't take two days to run it, or you can't have a process where, for example, it takes three weeks to get an answer to a question such as: “What is the capital impact of changing the reinsurance program?”

And so, if I think about the components of transformation, one is the out-of-the-box model, as I mentioned before. Then you have automation, where some of the more manual processes are no longer necessary, where you can actually have the robots do that work and make everything much more efficient and get to the answers more quickly.

The what-if questions are always going to exist with, for example, questions about the impact of inflation and changing operational risk coming to the fore in the last couple of years. Where capital is really coming into play is that the models have to be ready to answer those questions, or at least quantify the marginal impact of capital. That's a big difference compared with even five years ago.

Katey Walker: So going back to the buy-versus-build discussion, where do you think we’re going from here?

Charlie Carwin: Historically, actuaries have liked to program; I like to program. But insurers can get a lot more value out of actually using the models than creating the models. This applies equally to larger companies that are looking for ways to reduce some of the risks, including key man risk; reduce maintenance costs; and have ready-made scalability. So, it's definitely driving buy versus build.

Michael McPhail: Away from the capital modeling side, similar arguments can be applied to open-source platforms, which have become quite popular in areas like pricing.

The problem is when someone leaves suddenly there's no one around to pick up the pieces on the coding and the governance chain is broken. That's part of why people are moving to more off-the-shelf solutions because they are starting to recognize some of the pitfalls.

Katey Walker: Does stability present the same transformational issues in reserving?

Yi Jing: Yes, I think a lot of companies are investing in a better tool to do their reserving, and I think also tightening documentation of processes for others to follow.

Let’s not forget that, particularly recently, people turnover across the industry has been high. With the pandemic, people may feel changing jobs is a little easier given that you don't have to relocate. Retaining talent is part of maintaining that stability, and insurers can engage people with more challenging, interesting and exciting work.

To that end, let the robots be robots, taking over some of the tedious and repetitive work. I think that’s important to bringing in young talent to the insurance industry.

Challenges brought about by the pandemic

Katey Walker: Obviously we’ve been living through the pandemic. How will it challenge companies’ efficiency and expense structures?

Yi Jing: As people have worked from home extensively, this has obviously posed efficiency challenges, but I’d also bring this back to my point about engaging people remotely with satisfying work.

Charlie Carwin: I’d point to the need for a different focus on different risks: deflations, whether the asset mix is correct and how premium volumes are changing — amongst other things.

Beyond these, I go back to the term I used earlier — “the great resignation.” I think we're seeing that continuing because of things like key man risk, joining up complex processes remotely, and the benefits of flexibility and agility that the pandemic has highlighted.

Linked to the heat companies are seeing in the job market, I think there’s a general push for trying to make sure that actuaries are doing the type of work that actuaries are fit to do, not necessarily the work that actuaries have to do. Automation and making processes more efficient and more focused on extracting the value can clearly contribute to that.

Scott Gibson: Echoing those comments, I’d add that we've actually seen that the companies that have already adopted automation were more resilient after the pandemic hit.

Another interesting thing is how the pandemic has affected the work/life balance. People have been home and, because they're home, they can go run an errand more easily than if they were in an office environment. So, it's creating a sort of an asynchronous working environment that is exacerbated by time differences. You can't necessarily knock on the cubicle next to you and expect the person to be able to tackle a task immediately. Robots can fill that void because they're going to work 24/7. They don't get tired.

But it’s not a case of replacing people. The majority of companies, when we’ve polled them, are actually looking to augment human productivity, not replace it.

So the pandemic has definitely been a potential accelerator for automation and transformation projects, helped by the fact that travel and other expenses have fallen significantly.

Mergers and acquisitions

Katey Walker: A perpetual hot topic is M&A. Do we see a shift in how companies are approaching buying and selling?

Yi Jing: At the beginning of the pandemic, we thought M&A activity would be low given all the uncertainties. It turned out it was, and remains, a hot market. I think that says the industry still has excess capital and sees challenges as opportunities.

Features of the market include a strong interest in specialty business. Moreover, we’re seeing many companies are putting a lot more focus on underwriting strength. The question they want to get answered is: “Is the business as good as the seller is telling them?” Another facet of transactions is companies looking for adding network platforms, such as the Liberty's recent acquisition of the State Auto.

Going forward, I think having an efficient due diligence process is very important. Clients are certainly looking for us to provide better and quicker insights.

The next big thing

Katey Walker: So, to wrap up, I’d like to ask each of you for your take on the next big thing in the coming three to five years.

Charlie Carwin: It’s already happening, but transition to the cloud. I see that growing over the next five years along with automation of the less fun, more repetitive aspects of back-office insurance work.

Scott Gibson: I’d say it’s automation plus. Right now, many companies are automating a specific process or part of a process but have seen the benefits and want to spread their automation wings further.

Michael McPhail: Going first is an advantage on this question, so I agree that simplification and automation are where things are heading.

Yi Jing: I think about what I would like, and that’s knowing, for example, that come quarter- or month-end, my full complement of reserving data will be available the next day — or perhaps more realistically, won’t take weeks or months to produce.

What we believe the webinar discussion illustrates is that insurers’ journey to the future and being best in class does require a deep understanding of all the critical elements involved from strategic to tactical, combined with the technology to make it happen.

If you would like to discuss any of the issues or comments with us, please do contact us.

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Next in insurance: Top insurance industry issues in 2022

The insurance industry is no longer predictable.

The business of insurance, which once was stable and predictable, isn’t that way anymore. Growth without sacrificing profitability is challenging, climate change is irrevocably impacting certain risk profiles, distribution needs have become truly omnichannel and customers expect products tailored just for them. All the while, technology has continued its relentless advance and an emerging player ecosystem is threatening to shake up customer acquisition. As a result, industry executives now have to make an array of deliberate and aggressive strategic choices to succeed. Incremental change or hoping to avoid change altogether are no longer viable options.

Compounding the difficulty of addressing these challenges is how the COVID-19 pandemic accelerated them. Customer and employee expectations changed more in 18 months than they did in the previous two decades. This has put immense pressure on the industry and carriers have had to adjust practically—in some cases, literally—overnight. Even though the pandemic has ebbed and flowed, the pace of change has remained relentless.

Commitment is an act, not just a word

Despite disruption and the new entrants trying to take advantage of it, the good news for many carriers is that they still have a competitive advantage that others can’t easily replicate. There’s room in most market segments for multiple players, but because not all competitive levers are fully or equally available to everyone, insurers typically focus on one of the following five areas: 1 - digitization, data and integration; 2 - brand and distribution; 3 - superior, innovative products; 4- strategic partnerships; 5 - effective structuring.

Unfortunately, while most insurers do try to focus on their strengths, they also typically underinvest in these areas and fail to act with urgency, resulting in a race to the middle. We tell clients that they need to fully fund and support their way to play and hold themselves accountable for the results. In other words, commitment without action won’t get you very far. 

While carriers may have been able to get away with a fuzzier approach in the past, that is not the case today. Private equity, asset managers and other new entrants are moving quickly, with great focus and discipline, to capitalize on industry disruption. Companies that continue to work from three- to five-year timelines that are vague and lack strategic focus are likely to lose market share and perhaps even wind up as someone else’s acquisition.

Companies that continue to work from three- to five-year timelines that are vague and lack strategic focus are likely to lose market share and perhaps even wind up as someone else’s acquisition.

Real-life examples: Ways to play

Leading carriers aren’t relying on past success. They’re defining new ways to remain relevant and grow.

Data & Integration: Digital Simplification Operator

Leverages advanced tech and data capabilities to create a seamless, digital-first experience from quote and sale all the way to claims. Features simplicity and competitive prices.

Distribution: Ecosystem Orchestrator

Creates an integrated ecosystem (typically via partnerships) that offers customers “more than just insurance,” focusing on distribution and product offerings to win at the point of sale.

Products: Unmet Needs Customizer

Develops innovative differentiated, and customized products to address unserved / underserved segments or new, emerging risks via advanced analytics and pay-as-you go pricing.

Partnerships: Platform Services Innovator

Extends core capabilities by offering products and services to other carriers, distributors or other adjacent businesses. Creates scale by funding differentiating competencies and experiences.

Structuring: Economic Value Creator

Employs a lean operations focus to compete competitively on price and enable investments in key strategic areas.

What makes a winner?

Based on our experience working with all segments of the industry, we’ve observed that most successful insurers in today’s environment have a few key traits. In particular, they:

Say “no” to what doesn’t fit

Define a strategic direction and say “no” to what doesn’t fit. Simply setting financial goals isn’t enough. Committing to a way to play, then continuing to do everything you did before while funding whatever else comes along, is  not  a strategic direction. Leaders know how to prioritize.

Fully fund their strategy

They don’t shortchange big bets or dilute key investments with allocations to less vital areas. Of note, they’re typically able to make these investments because they’ve implemented structural, financial and tax approaches that minimize their cost ratios.

Get creative with products

They’re able to identify new product categories (as opposed to just adding new features) and have the brand strength to deliver them. For example, early movers are designing products that take into account two increasingly important issues: Stakeholders’ environmental, social and governance (ESG) concerns and the still overlooked employer as distributor market for a wide variety of financial and service needs, particularly retirement and college savings and paying for childcare or elder care.

Get involved in partnerships and make deals

Get involved in partnerships and make deals to meet strategic goals. Inorganic strategies have a long history in the industry but have picked up steam recently as carriers focus on core competencies and enhancing technology. In fact, partnerships and deals have become a necessity for most carriers to enable their chosen ways to play. They take part in ecosystems and invest in InsurTech. Although most of these kinds of investments aren’t game-changers on their own, when they get the acquiring company closer to a strategic goal, they’re worth it.

That said, the best ecosystems and InsurTech innovations in the world aren’t going to help you if they don’t align with your strategy or if you’re not executing your strategy properly. As carriers find new partners, technologies and business models that align to their core principles or strategic growth plan, they can test their value and determine whether or not to adopt the innovation or maintain the partnership.

60% of consumers don’t feel they’re financially confident or covered across their long-term security and emergency needs. Source: PwC/LIMRA 2020 research

Technology platforms that drive strategy

Even a clear and consistent strategy is going to founder if your technology can’t enable it. We haven’t spoken with a single business leader who doesn’t recognize that investments in new technologies are the best way to facilitate market access, risk selection and management, quality financial information and customer service capabilities. However, we’ve seen many carriers fail to stick to a coherent strategy beyond “digitization.” There’s often a lack of clarity and correspondingly nebulous goals about how these substantial investments relate to the business. The above discussion of funding a competitive advantage also applies here. Carriers should fully invest in ways that build on their strengths and hold the organization accountable for the results. At the risk of repeating ourselves, we’ve seen time and again that many carriers simply don’t do this. Customers (and employees) increasingly expect insurers to be as easy to work with as an online retailer—and new entrants are giving them exactly what they want. If you can’t, you’re going to lose business and employees.

A truly strategic technology platform features:

A core processing system

A core processing system that efficiently issues policies and contracts, enables payments and keeps track of finances. You don’t need bells and whistles for their own sake, but you do need something that does the essential job of helping you achieve scale faster.

Digital data and integration capabilities

Digital data and integration capabilities that enable access to and understanding of your own data and from third parties to inform management decisions and enable new capabilities.

Customer/user-facing systems

The absolutely vital customer and user-facing systems that support your call centers, customer chat and walk-in locations. They enable carrier representatives to immediately determine client identities and service histories to quickly solve customers’ problems. Moreover, an effective integration layer facilitates quick incorporation of new partners and solutions into your digital capabilities.

Reporting and compliance platforms

Reporting and compliance platforms that provide high-quality data, facilitate accurate financial reporting and accounting and enable effective compliance.

Cloud, because no insurer needs to—and, more importantly, probably shouldn’t—support its own infrastructure anymore. Those that do risk it being an impediment to operational flexibility. Practically everything in insurance eventually becomes a margin game, with the advantage going to the carriers that can scale effectively, drive out cost and achieve broad price competitiveness. Carriers with adaptable cores that can be quickly configured for new innovations—a key advantage of cloud technology—can achieve this scale faster.

Changing customer expectations 2018 to 2021

Source: PwC 2018 and 2021 surveys of 6,000 insurance customers.

The path forward

None of this is easy, and no single company has mastered all of these ways to win. But, we’ve never seen a truly competitive insurer that didn’t at least: 

Set and stick to clear goals. 

Support business goals with a technology strategy that’s built on and integrates proprietary and third-party data. 

Fully invest in and hold itself accountable for achieving 1 and 2. 

Whatever your business focus—data and integration, brand and distribution, products, strategic partnerships or structuring—these three are absolutely essential.

The ‘Next in insurance’ series

The war for talent, esg considerations, the workforce, which brings your strategy to life and holds the key to the future of the business.

Insurers feel insecure in the war for talent. They think — often rightly so  — that they lag behind other “sexier” industries in attracting and retaining the best people. However, recent changes in what employees expect of their employers and the nature of work itself offer insurers a great opportunity to level the playing field. Companies that proactively and convincingly demonstrate flexibility and offer meaningful career paths with ample room for development are showing that insurance can be as professionally and personally rewarding an industry as any. In other words, it’s time for insurers to play offense instead of defense.

The increasing breadth and importance of ESG considerations, from investment strategy and underwriting to public perception

The insurance industry has long paid close attention to environmental issues because they directly affect how carriers evaluate and price risk and pay out claims. But sustainability and governance are becoming equally important. For the former, insurers are experiencing increased scrutiny of their business models. For example, what’s the right balance between covering climate-related risks and underwriting initiatives that could increase those very same risks? Such sustainability concerns relate directly to governance issues. Insurance leaders now have to meet formal, increasingly detailed ESG reporting requirements covering everything from their investments to how they underwrite business. And investors, customers and the workforce are paying close attention.

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Insurance: US Deals 2024 outlook

We expect insurance companies to continue to focus on simplifying their portfolios by divesting assets that are deemed non-core to their strategy. 

Insurance Leader, Consulting Solutions, PwC US

Consulting Principal, PwC US

Francois Ramette

Principal, Insurance Consulting, Strategy&, PwC US

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The COVID-19 pandemic has dramatically reshaped global insurance markets. Its impacts are largely felt through asset risks, notably capital markets volatility, and weaker premium growth prospects.

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Examining insurance companies’ use of technology for innovation

• Published: 16 November 2021
• Volume 47 , pages 520–537, ( 2022 )

Cite this article

• Davide Lanfranchi   ORCID: orcid.org/0000-0002-1774-7026 1 &
• Laura Grassi   ORCID: orcid.org/0000-0002-0720-7034 1  

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The insurance industry is innovating. Business models, services and processes are rapidly evolving, largely backed by technological developments. The particular historical context of COVID-19 provides a suitable case to understand the relevance of exploiting technology to react quickly to traditional and emerging risks. Focusing on the initiatives put in place by the most influential insurance companies at the global level, we have framed the innovation mechanisms in the industry, highlighting four rationales underpinning these initiatives ( Adaption , Expansion , Reaction and Aggression ), which differ according to the relevance of the technology in use and innovation to the portfolio of risks covered. Overall, it emerges that insurance companies have the room and capability to innovate, in many cases using technological applications to cover new and existing risks. While the initiatives studied concern the entire value chain, basic primary activities, such as product development, sales and claims management, show that innovation based on new or existing technology determines the success and competitiveness of the business.

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Avoid common mistakes on your manuscript.

Introduction

In the absence of insurance, it would be complicated for individuals and businesses to cope with the negative consequences of economic activity or mitigate the effects of uncontrollable events and so recover from unfortunate situations or, at least, contain the ensuing financial burden (Zweifel and Eisen 2012 ). This point is becoming clearer and clearer as our world faces increasing levels of uncertainty. By transferring the risk of a loss, insurance certainly played a major role in protecting people from consequences arising from the COVID-19 pandemic (Liedtke 2021 ; Qian 2021 ), an event not even listed among the 20 most likely risks before 2020 (World Economic Forum 2020 ).

The social value of the support insurance companies provide to consumers is undeniable (The Geneva Association 2012 ; OECD 2020 ). During the pandemic, this included deferring premium payments, adjusting coverage terms and conditions and even providing additional coverage benefits, although insurers did not always provide transparent or clear information to policyholders about coverage conditions, in particular on the exclusions relating to COVID-19 losses (OECD 2020 ). Thus, while in some cases insurance companies rejected consumer claims, the fact that the population had a coherent insurance coverage mitigated the most negative effects of the pandemic. Health insurance, for example, was able to provide a better quality of life and more extensive healthcare for those who were covered; a lack of coverage could have led to delayed diagnosis and repercussions on physical and psychological health, including high stress levels (Shin et al. 2021 ; Sampson et al. 2021 ).

COVID-19 acted as a catalyst for innovation in insurance, as in other service industries (Heinonen and Strandvik 2020 ), although the insurance industry is generally known for its conservatism (Nam 2018 ). The sector is, so far, clearly struggling with innovation and change (Zweifel 2021 ; Nam 2018 ), and insurance companies are not taking full advantage of the intangible nature of their products and services, which could enable them to become digital leaders (Stoeckli et al. 2018 ), despite several efforts having been made. Data abundancy has facilitated the emergence of new insurance business models, ranging from peer-to-peer insurance (Stoeckli et al. 2018 ) and personalisation achieved through wearable devices (McCrea and Farrell 2018 ; McFall 2019 ) to insurance policies tailored to individual behaviour (Dijksterhuis et al. 2016 ), such as pay-how-you-drive (PHYD) policies, where pricing reflects driving style (Stoeckli et al. 2018 ). Ultimately, these kinds of pay-as-you-live policies induce policyholders to adopt preventive measures (Wiegard and Breitner 2019 ), with potential economic and financial benefits. However, legal concerns must be considered, as using self-tracking data to assess and price individual risk (Cather 2020 ) is fraught with practical, regulatory and reputational obstacles (McFall and Moor 2018 ) and the availability of technological solutions is not a guarantee of better performance per se (Lanfranchi and Grassi 2021 ).

COVID-19 drove innovation mechanisms in the industry (Heinonen and Strandvik 2020 ) and forms the context of this research. We observed the greater or lesser relevance of innovating through the medium of technology, whether already in place in these companies or introduced for this purpose, and how technology can help companies to react quickly to traditional and/or emerging risks. By analysing the most representative insurance companies at the global level, this research focuses specifically on the role played by technology and market impulses in cultivating innovative initiatives in the sector. Our aim is to provide tangible support to insurance companies when they are working on their future innovation designs, ensuring that they first have a clear idea of the role that they want to attain, or maintain, in the market. Any chosen direction will depend on their attitude to risk and their risk strategies, while careful attention must be paid to potential pandemic or global systemic events akin to the COVID-19 pandemic that could arise in the future, nowadays considered decidedly more probable than in the past (World Economic Forum 2021 ).

The rest of the paper reviews extant literature by presenting the main studies on technology and market impulses that give rise to innovation. The subsequent sections will provide details on the methodological aspects (Methodology), followed by a discussion of the results (Results and Discussion) and the conclusions (Conclusions).

Overview of innovation processes and models in insurance: technology and market impulses

The role of technology.

Digital transformation has become an important enabler of innovation (Urbinati et al. 2020 ). In recent years, the surge in innovation has also interested financial markets (Guo and Liang 2016 ). Eling and Lehmann ( 2018 ) analysed the impact of digitalisation on the insurance value chain, highlighting that the main areas affected are interaction with customers, adaptation to their behaviour, automation of business processes and decisions, improvements to existing products and new product offerings. A new concept, InsurTech, a “phenomenon comprising innovations of one or more traditional or non-traditional market players exploiting information technology to deliver solutions specific to the insurance industry” (Stoeckli et al. 2018 , p. 289), is gaining interest within the insurance sector, driven by increased customer satisfaction and efficiency (McKinsey & Company 2018 ). The concept has a significant place within society as well; InsurTech offers new opportunities, such as higher insurance inclusiveness (Altamirano and van Beers 2018 ), individual empowerment (Zavolokina et al. 2016 ) and improvement to public health (Yamasaki and Hosoya 2018 ).

The effects of InsurTech are being felt across various types of insurance. For instance, health insurance must deal with the emergence of new medical technologies and wearable devices, which can be used to gather useful but sensitive patient data (Banerjee et al. 2018 ) and convert a previously uninsurable physical health risk into an insurable risk (Lakdawalla et al. 2017 ), while artificial intelligence can give users digital access to their health status, enabling them to improve their health-related behaviour (Yamasaki and Hosoya 2018 ). Looking at the home insurance industry, big data analytics and artificial intelligence play a central role in providing services that aim to prevent or mitigate losses, as people purchasing home insurance benefit from real-time acknowledgement of potentially dangerous situations (Lehrer et al. 2018 ). Furthermore, new technologies can be used to estimate loss distribution in the agricultural insurance industry, in particular, new geospatial web-based applications and cloud-based solutions (Hiestermann and Ferreira 2017 ). In general, we can now gain a better understanding of the exposure to risk associated with natural disasters, a key point in assessing the need for catastrophic insurance, for instance (McAneney et al. 2016 ).

InsurTech can also help to improve existing products, services and processes, as well as enable new business models. For instance, advanced technology underpins insurance models ranging from behaviour-based pricing, widely studied in the car insurance industry (Derikx et al. 2016 ; Weidner et al. 2016 ; Wijnands et al. 2018 ), to personalisation linked to data retrieved from wearable devices (McCrea and Farrell 2018 ; McFall 2019 ). Peer-to-peer insurance models are another example, where people can partly share risks with each other (Stoeckli et al. 2018 ). These can contribute to rebuilding trust in the insurance industry by reducing conflicts of interest, as usually these solutions do not include any entities that benefit from refused claims (Stoeckli et al. 2018 ). Nevertheless, InsurTech may possibly introduce new concerns like privacy issues (Banerjee et al. 2018 ) and discrimination, for instance in price personalisation (Meyers and Van Hoyweghen 2018 ), or result in non-improvement of efficiency (Lanfranchi and Grassi 2021 ).

The role of the market

Insurers provide protection and encourage a better understanding of risks, reducing public anxiety and concern (McAlea et al. 2016 ) and helping entrepreneurs, individuals and corporations to handle risk. They also support continuing advancement by proposing new products (Śliwński et al. 2017 ). However, if insurance companies are to play a central role in society, creating value for their customers by transferring the risk of a loss from one entity to another in exchange for payment, they must be ready to serve the current and prospective needs of the market. Therefore, the insurance sector can innovate its products and processes in a twofold manner, firstly by dealing with market demand and customers’ existing risks and secondly by addressing new risks. Consumers are increasingly demanding offers that are better value for money, more convenient, better quality and more suited to their own requirements (Kose et al. 2018 ). The availability of data can give impulse to new initiatives. New medical technologies provide additional information, meaning that it is now possible to insure illnesses in cases where the risk distribution was not previously known (Lakdawalla et al. 2017 ), while a lack of data can hinder these risks from being insured (McAlea et al. 2016 ). The profusion of new and emerging risks is escalating and becoming more critical, with risks derived from changing business environments, disruptive environmental patterns, evolving social and demographic trends, technological advancements (as well as the increasing relevance of data) and new medical and health concerns (Capgemini and Efma 2019 ) that generate additional innovation impulses.

Literature on innovation processes is flourishing and different models are emerging all the time (Du Preez and Louw 2008 ). Technology and market demands have been recognised as the two main drivers of innovation (Voss 1984 ; Van den Ende and Dolfsma 2005 ; Brem and Voigt 2009 ; Di Stefano et al. 2012 ; Maier et al. 2016 ). Technology (Maier et al. 2016 ) enables the creation of commercialised innovative products (Du Preez and Louw 2008 ; Maier et al. 2016 ), as well as innovation in services (Geum et al. 2016 ) and processes (Brem and Voigt 2009 ). In the same way, customer needs and the market itself are the source of new ideas (Du Preez and Louw 2008 ) that aim to satisfy consumer demands (Nicolov and Badulescu 2012 ). The research question guiding this study thus relates to how insurance companies innovate by leveraging technology to address market needs in response to the COVID-19 pandemic.

Methodology

We built on research on technology and market innovation to set out a conceptual framework of the potential ways in which insurance companies can innovate. Considering the exploratory nature of our work, we conducted 30 case studies on an inductive basis, moving from the specific to the general, which is suitable in cases where previous literature studying a situation or concept is scarce or fragmented (Elo and Kyngäs 2008 ).

Our sample is composed of the most representative insurance companies at the global level, i.e. the top 30 by net written premiums (source: Orbis database, see the Appendix for an overview of these companies). We systematically mapped the initiatives taken by each company to address the COVID-19 pandemic, with a focus on their short-term responses (i.e. the first quarter after the start of the pandemic).

To gather data on the initiatives, we triangulated information from two sources. The first is the insurance companies’ websites, which have been used as a source of information in previous research (Ashta 2018 ; de Oliveira Malaquias and Hwang 2018 ). The websites mostly include information relating directly or indirectly to the company’s innovation status (Axenbeck and Breithaupt 2021 ) and were the first touchpoint used by customers during lockdowns to learn about newly implemented initiatives. They were thus used as a way for insurance companies to share news on their innovations with their customers. The second consisted of press releases and investor relations. These were the main sources of official information for shareholders, stakeholders and customers, conveyed virtually through various media channels.

To identify the innovative initiatives properly, we based our work on Baregheh et al. ( 2009 , p. 1325), according to whom “Innovation can be defined as the effective application of processes and products new to the organization and designed to benefit it and its stakeholders”. We searched for results that satisfied the following three properties. Firstly, they had to be real company initiatives, so we disregarded opinion papers or suggestions for the industry, taking the position that innovations are such when they are effective and tangible applications (Baregheh et al. 2009 ). Secondly, the initiatives had to create value, provide benefit and economic value (Garcia and Calantone 2002 ) to at least one stakeholder, and/or solve a problem or a social need (Edwards-Schachter 2018 ). Thirdly, the initiatives had to have been developed as an immediate response to the COVID-19 pandemic. Data were supplemented by a thorough analysis of secondary sources, such as business news channels (e.g. CNBC), articles from industry-specific and business magazines (e.g. Forbes) and interviews published in the press (e.g. CEO of Company 1). Where possible, we directly tested the tools under study ourselves (e.g. the Company 13 chatbot).

We analysed these materials through content analysis, a widely-adopted method (Elo and Kyngäs 2008 ) that provides a systematic and objective means of describing phenomena (Krippendorff 1980 ; Downe-Wamboldt 1992 ; Sandelowski 1995 ), enabling researchers to make “replicable and valid inferences from data to their context, with the purpose of providing knowledge, new insights, a representation of facts and a practical guide to action” (Elo and Kyngäs 2008 , p. 108). All the authors were involved in the analysis to reduce personal bias.

The top 30 insurance companies launched 112 initiatives overall (Table 1 ). Most insurance companies had introduced specific initiatives, except for five companies where no innovation was reported and which remained conservative. With more than five new initiatives in a couple of months, some companies were clearly more responsive, stating their commitment towards their customers and drive for innovation, and they are also the largest in terms of net written premiums.

Considering the specific insurance line in which the different initiatives are developed, we see a clear prevalence of health insurance initiatives (54%), which is reasonable considering the nature of the pandemic event. Another 27% of initiatives is transversal to all insurance lines (ranging from health insurance to car insurance, home insurance and so on). Overall, 81% of initiatives dealt specifically or generically with health concerns. Initiatives in other insurance lines were less common, with car insurance (5%) and home insurance (4%) slightly more relevant.

Further, the initiatives covered different activities of insurance companies. Accordingly, we decided that the first step was to map their impact on the different activities within the insurance value chain (Rahlfs 2007 , Fig.  1 ), following Eling and Lehmann ( 2018 ). Primary activities refer to the creation of products/services and their transfer to the buyer (Porter 2008 ). These initiatives spread across all activities, from product innovation, such as creating solutions to address the risk of infection (e.g. artificial intelligence-based symptom checkers developed by Company 8) to innovations in services and processes (e.g. making claims remotely by phone, internet, e-mail or app, introduced by Company 9). Support activities refer to those that support primary activities by providing various firm-wide functions (Porter 2008 ); these were also impacted, e.g. HR practices, with many companies implementing distance-working solutions (e.g. Companies 1 and 27).

Distribution of initiatives along the insurance value chain by rationale (insurance value chain from Rahlfs 2007 )

Focusing on technology, insurance companies responded to the pandemic in two main ways. On the one side, they exploited their existing technological arrangements, expanding their use or opting to adopt new technologies. In the U.S., Company 13 trained its existing chatbot to detect suspicious infection in a timely manner. In addition, the chatbot had a marketing purpose, as it could also propose appropriate insurance products offeed by Company 13. Several insurance companies, including Company 22, offered remote medicine solutions to their customers, e.g. live-video conferencing with medical experts, with the aim of reducing infection by avoiding doctors’ surgeries. At the same time, there were cases where technology was not always central to the insurance company’s response. For instance, several insurance companies, such as Company 1, extended their grace period for paying premiums (especially for customers who typically paid in cash in a brick-and-mortar agency or who were facing temporary financial difficulties). Others, including Companies 7 and 16, extended their existing health insurance cover and explicitly included coronavirus infections.

During the worst stage of the pandemic, insurance companies found themselves dealing with new risks, but at the same time they had to deal with those already in place. The risk of infection was clearly central in extending existing products. Customers benefitted from extended policy coverage, as did doctors in their professional civil liability insurance (e.g. a subsidiary of Company 27) with reference to telemedicine and everything else beyond their usual sphere of expertise deployed while fighting the pandemic. Collateral psychological issues related to lockdown measures raised concerns. The responses ranged from a 24/7 hotline during the crisis (e.g. Company 22) to a COVID-19 microsite and emotional support (e.g. Company 22) and free subscriptions to Netflix and Spotify (e.g. Company 9 in Turkey). Qualified personal trainers, chefs and dieticians were brought in to offer free advice and consultations on matters relating to nutrition and wellness, and customers were offered discounts for home grocery deliveries (e.g. Company 9 in Turkey). Insurance companies set up initiatives linked to many primary activities in the value chain that had been affected by the pandemic. For instance, with regard to claims management, in one case Company 25 and its supplier were able to determine the cause of a house roof leak through a ‘drive-by’ survey.

Cases can be distinguished into two sets according to the relevance of technology. In the first, existing technologies were ratcheted up and technological innovation introduced in answer to the emergency; in the other, technology did not play a major role.

Cases can also be classified according to the level of innovation in the portfolio of risks covered by the insurance companies. In this classification, the first set consists of insurance companies that innovated their portfolio of risks covered, implementing initiatives to create value for customers facing new difficulties. The second set consists of insurance companies that adopted solutions intended to deal with existing risks.

Building on the evidence from the various cases, we extrapolated four different rationales for the initiatives (Fig.  2 ), based on the relevance of the technology (high–low) and the market-driven risk portfolio (focus on existing risks–new risks). The four rationales gave rise to four classes: Adaption , Expansion , Reaction and Aggression .

Technology and market impulses in innovation as a response by insurance companies to COVID-19. Each initiative is mapped on the basis of the role played by technology and the risk to which it refers. Four classes have emerged: Adaptation, Expansion, Reaction and Aggression . The encircled data refer to the number of initiatives. The numbers in each sector refer to our coding of each initiative

Adaptation (low relevance of technology/focus on existing risks)

These initiatives address needs relating to pre-existing risks, where technology did not play a major role. Many of these initiatives concerned underwriting (five out of 19). Examples include flexibility in premium payments (e.g. Company 29) and special enrollment periods for companies to offer health cover to employees who had previously declined such cover (e.g. Company 1). In contract administration and customer services (11 out of 19 initiatives), insurance companies adapted their premiums ex-post, reducing them as a consequence of fewer claims (e.g. Company 26: 15% refund on two months’ car insurance premiums for their customers). In this class of initiatives, the technology impulse is clearly limited, while the market impulse consists of consumer demand for insurance companies to provide a service appropriately adapted to the specific context, possibly minimising the negative impacts of the pandemic.

Expansion (low relevance of technology/focus on new risks)

These solutions address new risks, without requiring technology to play a major role. Initiatives in this class were mainly in contract administration and customer services (12 out of 26). Several insurance companies (e.g. Companies 1, 7 and 22) expanded the areas covered in their health insurance policies, for example by waiving co-payments, coinsurance and deductibles for diagnostic tests, treatment and health complications associated with COVID-19. Moreover, Company 22 and other insurance companies enabled expedited access to treatment. In the U.S., hospitals in some states with high numbers of infections, such as New York and Washington, no longer needed advance approval from Company 22 to admit their insured patients requiring hospitalisation. Expansion initiatives concerning product development were also put in place (10 out of 26). For instance, Company 9 expanded its portfolio by offering insurance to all Chinese medical experts in Italy, in order to protect their safety and health more comprehensively. These initiatives are hence not linked to strong technological impulses; the market impulse was related to customer demand, with users asking insurance companies to expand the scope of their usual services and products to address new risks.

Reaction (high relevance of technology/focus on existing risks)

These initiatives address pre-existing risks, with the aim of reacting to the difficulties arising from the pandemic, and continue serving customers in an effective and efficient way by making greater use of current technologies or adopting new ones. Some of these initiatives concerned contract administration and customer services (eight out of 32), with several insurance companies (e.g. Company 13) temporarily waiving members’ out-of-pocket costs for telehealth consultations (also known as telemedicine). Similarly, due to lockdown restrictions and the need to reduce the movement of people, Company 22 expanded its telehealth coverage and offered all telehealth consultations with their network providers at no cost to all their members. Concerning claims management, there were a significant number of reactive initiatives (eight out of 32). Many insurance companies (e.g. Companies 25 and 26) stopped all in-home damage inspections to avoid their employees entering people’s homes. Instead, they conducted remote claims assessments through video chat lines or video collaboration tools. Concerning sales-related initiatives (three out of 32), an interesting example came from Company 17. Under the restrictions imposed by various local authorities, the company operated with skeleton staff in its branches and call centres, requiring people to use the internet more intensely, while pointing to the benefits and ease of purchasing from the safety of one’s home. Consistent with Eling and Lehmann ( 2018 ), it is clear that the range of different responses in the market had built on digital interaction between customers and insurance companies from the beginning of the sales process (e.g. Company 8) and throughout the validity of the policy, whether the policyholder had made a claim (e.g. Company 25) or not (see, for instance, Company 20’s wellness advice). In this class of solutions, the technology impulse is significant, allowing companies to react to the emergency and continue serving the market, providing the same experience as before, regardless of the specific situation.

Aggression (high relevance of technology/focus on new risks)

Many insurance companies started leveraging their existing technologies to develop products for dealing with the new risks. A Swiss-based telehealth subsidiary of Company 8 introduced artificial intelligence-based symptom checkers to help patients decide whether they were infected, as well as wearables and diagnostics to better understand patient needs and steer them towards their nearest healthcare facilities. Similarly, Company 7 was working to provide speedy health assessments via its mobile app, which members could download at no cost. Digitalisation was instrumental to both new and existing products. Technology enabled insurance companies to update and improve traditional products centred on protection, such as helping members isolating in their homes get through difficult patches (e.g. Company 1). Several insurance companies focused on marketing initiatives; Company 13 upgraded its chatbot tool so that people could make a pre-assessment of a possible infection, and the tool also proposed a possible health insurance policy in specific cases. Regarding support to human resources, many insurance companies introduced remote working to reduce the spread of the disease and protect their employees (e.g. Company 27). These initiatives were driven by a relevant technology impulse, as insurance companies were able to exploit their existing technologies to address and aggressively ‘take on’ the new needs emerging from the market, handling them in an efficient and innovative way, and possibly gaining competitive advantage.

The nature of innovation rationales

Figure  1 shows the distribution of initiatives, cluster by cluster, along the insurance value chain. Most Aggression initiatives were related to product development (10 out of 35 initiatives), generating technologically-enabled products to address new risks. Expansion initiatives were related more closely to contract administration and customer services (12 out of 26), these often being extensions of existing (and purchased) products to cover new risks. A good number of Reaction initiatives (eight out of 32) concerned claims management, where insurance companies exploited their existing technologies to continue serving their customers. Lastly, Adaptation initiatives were frequently implemented in underwriting (five out of 19), with discounts or extensions to premium payments. While several contract administration and customer services initiatives were put forward to manage people’s daily routines, we noticed something similar in product development. Therefore, market demand linked to unsatisfied customer needs potentially opens up room for new products (Maier et al. 2016 ), despite the practical difficulties that arise when insurance companies handle new risk insurance under conditions of scarce historical data and few models for measuring risks accurately (Śliwński et al. 2017 ).

Considering initiatives where technology is relevant (i.e. Reaction and Aggression ), our findings support those found in previous studies (Eling and Lehmann 2018 ; Stoeckli et al. 2018 ) on the impact of digitalisation on the insurerance value chain. For instance, digital technologies made certain marketing communication strategies possible (e.g. Company 13’s online symptom checker for COVID-19 that can, in some cases, suggest suitable health coverage), attracting prospects and eventually offering insurance products and services, or were of assistance in insurance sales (e.g. enabling online sales via the web or apps, as in the case of Company 20). They also supported a smoother interaction with agents and employees (e.g. digital touchpoints and distance working), the adoption of new systems for claims management (e.g. drones, video calls and apps), the offering of new services (e.g. telemedicine, digital tools for providing psychological support, tools for identifying available public financial aid), and the improvement of policies for actual customers (e.g. including new policies such as those for COVID-related issues). Furthermore, our research supports the claim made by Stoeckli et al. ( 2018 ) that InsurTech enables innovations coupled with an underwritten insurance product (e.g. Company 1 offered triage tools and a symptom checker to its highest risk members to collect data and assess their status and needs more efficiently), as well as those that are not coupled to an underwritten insurance product but are packaged with complementary products (e.g. Company 9 offered their customers a free online consultation service with qualified personal trainers, chefs and dieticians).

The relevance of such initiatives for society can be observed from several points of view. Many insurance companies responded to increasing health concerns. More than half the initiatives dealt specifically with health issues, from the risk of infection to lockdown-related psychological issues (see, for instance, the 24/7 hotline set up by Company 22 to help people get through the crisis). Some innovations in the health insurance sector actually produced more frequent interactions between customers and insurers. For instance, Company 8 opened a hotline for coronavirus enquiries, while Company 9 introduced its ‘heroes against loneliness’ initiative, where employees spend time on the phone with customers in high-risk groups, asking them about their well-being, and they set up a platform where people can register and connect with each other. Other initiatives responded to economic and financial issues, such as the decision taken by Company 1 to give grace periods for paying insurance premiums, which was open to both employees and individuals. The aim of several initiatives was to solve work-related issues in insurance companies, in particular by introducing remote working, and also extending coverage to risks arising from an increase in remote working within other industries. Company 2, for instance, extended existing policy guarantees to cover business clients in specific situations, such as against cyberattacks, since most of their employees were working remotely. Lastly, other initiatives were designed to ensure continuity in their customers’ daily lives, for instance, digital home inspections to assess damages (see Company 25).

Conclusions

The COVID-19 pandemic gave rise to a number of serious issues for society. Due to their socio-economic importance, insurance companies were well-placed to play an important role in addressing these problems. Many insurance companies supported the general public, for instance by making large donations to health systems (e.g. Company 8 gifted 350,000 surgical masks to hospitals) or supporting people in financial distress (e.g. Company 9 donated to the EUR 200 million insurance Federation contribution to the EUR 1 billion solidarity fund created by the French government to support small and medium enterprises, very small enterprises and self-employed workers in difficulty).

At the same time, although the insurance industry has not traditionally fully exploited its innovation potential due to its conservative approach (Nam 2018 ), we found that insurance companies are indeed innovating. With the emerging of a particularly serious new risk, insurance companies took the opportunity to rethink their value chain and develop new products and processes, exploiting their existing technology and tapping into their customers’ needs. This research offers valuable insight into the innovation initiatives undertaken by insurance companies, and its aim is to share meaningful findings and contribute to our understanding of how insurance companies respond to highly uncertain events.

By grouping the initiatives according to the relevance of technology in each case and the kind of risks covered, we extrapolated four types of rationale behind the initiatives, creating four classes. Depending on whether they made use of and/or upgraded existing technology or implemented new technologies, insurance companies were able to handle pre-existing risks, and so continue to serve their customers in an effective and efficient way ( Reaction initiatives), or tackle new risks ( Aggression initiatives). However, despite the clear impulse towards digitalisation and the ensuing wide set of potential opportunities, we also identified a broad selection of initiatives where the role of technology was negligible ( Adaptation and Expansion strategies). Some reactive innovations responded to increasing health issues, others were more strictly associated with economic and financial difficulties. Others still related to work-related matters in insurance companies, in particular remote working, but there were also instances of extending cover against risks arising from an increase in distance working within other industries. Lastly, some initiatives were designed to establish continuity in everyday life.

Overall, it emerges that insurance companies have the room and capability to innovate, and can leverage technology on a case-by-case basis to cover new and existing risks in a process that involves the entire value chain, with strategies weighted according to each specific activity. For instance, important primary activities such as product development, sales and claims management show that, in a relevant number of initiatives, exploiting new technology is crucial for the success and competitiveness of the business and provides a thriving background for incumbents to collaborate with more innovative players, including among InsurTech start-ups.

Our research aims to provide tangible support to insurance companies, which can help them design their future innovation undertakings with a clear idea of what they wish to achieve, or maintain, in the market. Insurance companies that are mainly concerned with safeguarding their market presence and whose innovation effort is low are likely to rely mostly on Adaptation initiatives, as these do not require much investment in technology and enable insurance companies to concentrate on existing risks and their current customers. However, although Adaptation initiatives can lead to customer satisfaction in the short term, our suggestion is that insurance companies should start paying closer attention to potential long-term survival risks that could sneak in under the cover of complacency. On the contrary, insurance companies that want to use innovation to garner higher market relevance in the future may focus their efforts on Aggression initiatives, leveraging most innovative technologies to gain power immediately in an emerging market created by new risks. This strategy could lead to sustainable long-term competitive advantages, but these companies should carefully consider two main risks. On the one hand, despite the huge volumes of data made available through new technologies, insurance for these risks may be less easy to secure or less extensive due to a lack of pertinent information or models (McAlea et al. 2016 ) or, at least, be more uncertain. On the other hand, investing in technology is not a guarantee of success per se, as the benefits would not follow naturally and investment could be unjustified.

These considerations may assume even higher relevance in the case of future pandemics or global systemic events, today considered decidedly more probable than in the past. Extreme weather is considered the most likely serious risk, climate action failure the second in terms of both likelihood and impact, and infectious diseases are seen as the most serious risk in terms of impact and rank fourth in terms of likelihood (World Economic Forum 2021 ). Our results aim to support future innovative initiatives in the event of these situations, providing a set of rationales that insurance companies could draw upon to cover different functions, from continuing to serve their customers and protect them from existing risks, to working towards protecting them from new uncertainties, possibly by turning to technology to gain that extra edge.

Policymakers should act coherently with the insurance sector and consider the new ways in which this industry is innovating, in order to reflect these aspects in government strategy, regulations and legislative flexibility when required, as well as reviewing the mechanisms they could put in place (e.g. regulatory ‘sandboxes’). Said otherwise, new challenges in this field are the order of the day.

Lastly, our research aims to contribute to the literature on insurance innovation by recognising the crucial importance of the impulses derived from technology and market demands that translate into innovation within the industry. To conclude, we have built on these findings to provide a comprehensive view of the innovation mechanisms that enter into play when these two forces come together. Furthermore, by studying the extreme case of the COVID-19 pandemic, we have analysed the complex interactions between the two and the kind of innovation initiatives that companies could undertake in the future. Nevertheless, further research is needed to evaluate these innovative initiatives and examine their short- versus medium- to long-term benefits to society. In addition, we need to study the patterns and persistence of innovation impulses within the now evolving insurance industry.

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Acknowledgements

The authors would like to thank the Editor and the anonymous Reviewers for their valuable comments and suggestions that greatly contributed to the improvement of the quality of this paper. We would also like to express our gratitude to Claudio Garitta who kindly reviewed an earlier version of the empirical analysis.

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Appendix: List of insurance companies analysed

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Lanfranchi, D., Grassi, L. Examining insurance companies’ use of technology for innovation. Geneva Pap Risk Insur Issues Pract 47 , 520–537 (2022). https://doi.org/10.1057/s41288-021-00258-y

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Innovate to win: Why market research is key to insurance industry success

A changing world demands insurance innovation

Underlying drivers of change are fundamentally transforming the foundations of the insurance industry. New ways to expand insurability and to measure, control, and price risk enable the creation of innovative insurance products and services. Digital platforms disrupt how insurers reach policyholders and potential customers, especially millennials who expect on-demand, high-touch services with delightful user experiences. Technology advances including artificial intelligence and cloud computing improve efficiencies, and with automation, insurers can reduce the cost of a claims journey by as much as 30%. 1 How can insurers leverage these breakthroughs to address unmet consumer demand, successfully launch new insurance products, and drive down costs?

Milliman addresses this question in the “Innovate to win” series. Our first article presented a roadmap to guide you through the entire innovation process. 2 Here, we focus on how you can identify and meet the needs of your customers through market research.

Why do insurers need to conduct market research?

Research into the behavioral economics, marketing, and psychology of insurance products is business-critical for insurers. To sustain profitable growth, insurers must create innovative products and services while improving customer connectivity. The typical insurance company loses 10% to 15% of its customer base every year and the cost of acquiring new customers makes this churn extremely expensive. 3 However, innovation is also expensive and inherently risky. According to Harvard Business School, 95% of the 30,000 new products introduced into the general marketplace each year are failures. 4 With deep risk management expertise and large customer bases, insurers are better positioned to succeed at innovation when compared to other industries.

Successful innovations solve fundamental customer problems in new, better, or more cost-effective ways. Researching customer needs and expectations in the context of your competitive landscape is an integral part of the process. To mitigate risk, all these questions should be researched and answered before launching any innovation into the market:

• What products, services, processes, and ideas are already available in the marketplace?
• What are consumers looking for in this offering and how does it meet their needs?
• What similar products/services do my competitors offer and what are they doing to stay competitive in this market?
• Is this a new offering or different approach to an existing offering?
• What is the potential market size in terms of revenue and profits for this product/service?
• How will we market this offering to consumers?
• Will this offering work as we have designed it?
• Will this product, service, or process disrupt the market, and if so, what impact and value would it have on consumers and the industry?

Market research provides valuable insight into consumer needs and can eliminate misperceptions regarding what potential customers will think about your new product, service, or process. Research can help you clearly define your target market, avoid costly mistakes, and speed product development time. Although market research helps mitigate risk, it does not eliminate it entirely and can be costly. You will need to determine how much time and money you are willing to spend researching the market and if your potential innovation is worth the investment.

What types of market research work best for insurers?

Primary and secondary research are the two most effective ways for insurers to gather information about markets, products, and consumers. Contrary to its name, secondary research is usually conducted first and analyzes existing data. By combining multiple sources of secondary data, you can identify trends and gather useful information at a low cost. You can then use this information to better understand the actions you and/or others have already taken and learn from any mistakes or successes. Secondary research helps maximize future primary research, which is the collection of new data about a specific topic. Certainly, secondary research has value, but it lacks the customization and specificity needed to evaluate larger insurance innovation projects.

When do insurers need to invest in primary research?

A business decision of major consequence requires primary research. Primary research begins with a review of secondary research to efficiently gain direction and insight into the intended study topic. After that, quantitative and/or qualitative methodologies are used to gain further insight into consumer needs, preferences, and behavior. Additional benefits of engaging clients in a research project include strengthening relationships, winning loyalty, and creating new business opportunities.

Quantitative data, typically gathered using surveys, can be represented by usable statistics. Surveys gather a significant amount of data in a relatively short timeframe from a wide range of people, giving you the confidence that the data accurately represents your customer base. This data can provide valuable insight into consumer preferences such as likes and dislikes, satisfaction ratings, and opinions. You can run statistical significance tests to apply results to the population of interest and present the results graphically. Data-driven charts and graphs are an effective way to help stakeholders understand research and convince them to act on the results.

When you need more context regarding your data-- for example, why people feel a certain way about a response-- then qualitative research is the best approach. Sometimes the “why” is critical to exploring a study topic and qualitative research addresses this requirement through focus groups and interviews. These methods enable more in-depth understanding through direct quotes from respondents, the use of themes to bucket responses, and the ability to contextualize answers to understand the “why.” Although qualitative research is valuable, it can be time-consuming and costly when compared to quantitative research. Data is collected from a much smaller sample, so it is difficult to present in an aggregate summary and not statistically significant as being representative of the entire population.

How does primary research advance insurance innovation?

Both types of primary research methods are valuable and can provide insight into the market with different applications and emphasis:

• Quantitative surveys are questionnaires developed specifically for the topic being studied and distributed to a large sample of potential respondents based on specific criteria. Surveys provide a comprehensive view of the market due to a large sample size but are limited in the ability to understand the “why.”
• Qualitative interviews and focus groups provide context by giving participants the opportunity to expand on why they have certain beliefs and opinions and how they feel about the topic of study. In-depth interviews are one-on-one sessions with participants who are selected for their expertise and knowledge in a specified area. Focus groups are moderated discussions of opinions about a specific topic or product. Seven to 10 participants are selected using a screener questionnaire based on specific criteria. The moderator provides the structure, asks the questions, and gives overall direction to guide the discussion.

The most effective product development processes combine quantitative and qualitative research methodologies to refine and validate innovative ideas and prototypes. When you get the results of your research, it is important to have the infrastructure and resources in place to act on those insights. It is also important to note that the results of your research may require you to change your plans because what you previously thought were great ideas were not validated by the market research.

Still, it might be difficult to for your company to adopt new ideas and move forward with your innovation. Administrative systems can slow your company’s product development process and potentially hinder your initiative. Distribution issues can also make or break new product or service delivery. Bottom-line concerns such as low interest rates and the cost of meeting regulatory requirements are key considerations. As a result, many insurers de-emphasize innovative product development initiatives because of resource constraints and development and approval costs. 5

If you are making a big decision regarding an innovation, it is important to dedicate resources to perform in-depth market research. Discovering what your target customers think about your innovation enables you to tailor and refine it before you officially launch it. It is best practice to test multiple variations of your solution with your target market to determine which version resonates most with customers. Research is an opportunity for you to test both the innovation and the messaging you will use when going to market.

If you would like to discuss how customized market research can strengthen the development of your innovative offerings, please contact David Bahlinger or one of the other outstanding professionals at Milliman.

1 McKinsey. (March 2017). Digital disruption in Insurance: Cutting through the noise. Retrieved on May 26, 2020, from https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/Time%20for%20insurance%20companies%20to%20face%20digital%20reality/Digital-disruption-in-Insurance.ashx .

2 Borcan, Ashlee Mouton. Milliman.com. Innovate to win: Insurance industry roadmap to success. March 5, 2020. Retrieved on May 26, 2020, from https://us.milliman.com/en/insight/innovate-to-win-insurance-industry-roadmap-to-success

3 Simpson, Pamela. The Lowdown: Reimagining Research to Recognize Emerging Insurance Industry Trends. (September 19, 2019). Insurance Journal. Retrieved on May 26, 2020, from https://www.insurancejournal.com/blogs/research-trends/2019/09/19/540368.htm .

4 Emmer, Marc. 95 Percent of New Products Fail. Here are six steps to make sure yours don’t. (July 6, 2018). Inc. Retrieved on May 26, 2020, from https://www.inc.com/marc-emmer/95-percent-of-new-products-fail-here-are-6-steps-to-make-sure-yours-dont.html .

5 Society of Actuaries. Understanding the Product Development Process of Life and Annuity Companies. (December 2017). Retrieved on May 26, 2020, from https://www.soa.org/globalassets/assets/files/research/understanding-product-development-report.pdf .

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Direct premiums written by the health insurance industry in the United States from 2015 to 2022, by type of insurance (in billion U.S. dollars)

Leading companies

• Premium Statistic Largest U.S. life insurance companies 2024, by market cap
• Premium Statistic Leading U.S. life insurance companies 2022, by assets
• Premium Statistic Leading U.S. writers of property and casualty insurance 2020-2022, by premiums
• Premium Statistic Leading U.S. life/health insurance writers by direct premiums written 2019-2022
• Premium Statistic Ad spend of selected insurance brands in the U.S. in 2022
• Premium Statistic Leading insurance brokers in the U.S. 2020-2022, by revenue
• Premium Statistic NPS of insurance brokers in the U.S. 2014-2022

Largest U.S. life insurance companies 2024, by market cap

Largest life insurance companies in the United States as of January 8, 2024, by market capitalization (in billion U.S. dollars)

Leading U.S. life insurance companies 2022, by assets

Largest life insurance companies in the United States in 2022, by assets (in billion U.S. dollars)

Leading U.S. writers of property and casualty insurance 2020-2022, by premiums

Leading writers of property and casualty insurance in the United States in from 2020 to 2022, by direct premiums written (in billion U.S. dollars)

Leading U.S. life/health insurance writers by direct premiums written 2019-2022

Leading life and health insurance companies in the United States from 2019 to 2022, by direct premiums written (in billion U.S. dollars)

Ad spend of selected insurance brands in the U.S. in 2022

Advertising spending of selected insurance brands in the United States in 2022 (in million U.S. dollars)

Leading insurance brokers in the United States from 2020 to 2022, by brokerage revenue (in billion U.S. dollars)

NPS of insurance brokers in the U.S. 2014-2022

Net promoter score (NPS) of insurance brokers in the United States from 2014 to 2022

Sales metrics & consumption

• Premium Statistic Total revenue of U.S. life/annuity insurance industry 2009-2022
• Premium Statistic Value of homeowner multiple peril insurance net premiums in the U.S. 2006-2022
• Premium Statistic U.S. household expenditure on home insurance 2007-2021
• Premium Statistic U.S. household expenditure on health insurance 2007-2022
• Premium Statistic U.S. household expenditure on dental care insurance 2017-2021
• Premium Statistic U.S. household expenditure on vision care insurance 2017-2021
• Premium Statistic U.S. household expenditure on personal insurance and pensions 2007-2021
• Premium Statistic U.S. household expenditure on long-term care insurance 2007-2021
• Premium Statistic U.S. household expenditure on tenants insurance 2007-2021

Total revenue of U.S. life/annuity insurance industry 2009-2022

Total revenue of life/annuity insurance industry in the United States from 2009 to 2022 (in billion U.S. dollars)

Value of homeowner multiple peril insurance net premiums in the U.S. 2006-2022

Value of net premiums written by homeowner multiple peril insurance industry in the United States from 2006 to 2022 (in billion U.S. dollars)

U.S. household expenditure on home insurance 2007-2021

Average annual expenditure on homeowners insurance per consumer unit in the United States from 2007 to 2021 (in U.S. dollars)

U.S. household expenditure on health insurance 2007-2022

Average annual expenditure on health insurance per consumer unit in the United States from 2007 to 2022 (in U.S. dollars)

U.S. household expenditure on dental care insurance 2017-2021

Average annual expenditure on dental care insurance per consumer unit in the United States from 2017 to 2021 (in U.S. dollars)

U.S. household expenditure on vision care insurance 2017-2021

Average annual expenditure on vision care insurance per consumer unit in the United States from 2017 to 2021 (in U.S. dollars)

U.S. household expenditure on personal insurance and pensions 2007-2021

Average annual expenditure on personal insurance and pensions per consumer unit in the United States from 2007 to 2021 (in U.S. dollars)

U.S. household expenditure on long-term care insurance 2007-2021

Average annual expenditure on long-term care insurance per consumer unit in the United States from 2007 to 2021 (in U.S. dollars)

U.S. household expenditure on tenants insurance 2007-2021

Average annual expenditure on tenants insurance per consumer unit in the United States from 2007 to 2021 (in U.S. dollars)

• Premium Statistic Value of investments of life and health insurers in the U.S. 2008-2022
• Premium Statistic Value of investments of U.S. life and health insurers 2022, by asset type
• Premium Statistic Value of investments of property and casualty insurers in the U.S. 2013-2022
• Premium Statistic Investments of property and casualty insurers in the U.S. 2013-2022, by asset type

Value of investments of life and health insurers in the U.S. 2008-2022

Value of investments of life and health insurance companies in the United States from 2008 to 2022 (in billion U.S. dollars)

Value of investments of U.S. life and health insurers 2022, by asset type

Value of investments of life and health insurance companies in the United States in 2022, by asset type (in billion U.S. dollars)

Value of investments of property and casualty insurers in the U.S. 2013-2022

Value of investments of property and casualty insurers in the United States from 2013 to 2022 (in trillion U.S. dollars)

Investments of property and casualty insurers in the U.S. 2013-2022, by asset type

Value of investments of property and casualty insurers in the United States from 2013 to 2022, by asset type (in billion U.S. dollars)

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Our objective is to contribute to the advancement of knowledge in the insurance industry by means of rigorous and independent research

This sector faces many research challenges in the current climate, and countless new opportunities are constantly emerging. Big Data analysis presents study possibilities in areas such as integrated risk management or consumer behavior. Areas of great interest for the sector include new risks arising as a result of technological advances, the impact of regulatory change, the digital transformation of the industry, the role of the sector in the economy and systemic risk.

Risk Management

The new focus based on a risk culture means that companies and financial institutions are changing the way they perceive and value their business. The adoption of this focus requires sophisticated control mechanisms which mitigate exposure to risks not assumed by the company.

The interpretation and handling of large databases means that it is now possible to achieve a more detailed and accurate consumer analysis in terms of trends, claim ratios, loyalty etc. which is very useful information for the management of insurance companies and the effective distribution of their products.

Consumer perception and bias

Each individual has their own unique perception of their needs when it comes to protection. The analysis of trends, biases and patterns of behavior allows the product range to be both extended and individualized in a way that is far more efficient for consumer and insurer alike.

The speed of change in the modern world is dizzying, above all in terms of technology and industry. This means that almost on a daily basis we must face new risks which were previously unknown and must be analyzed and assessed. These risks must also be mitigated, almost in their entirety, by various forms of insurance.

The environment conditions established by Solvency II and the adoption of capital criteria based on risk, means that insurers must not only carry out an in-depth review of all of their internal processes, but also develop control strategies which will constantly enhance them.

In order to guarantee that the insurance industry operates in a responsible way, managers, employees and all related parties, must ensure that there is full compliance with regulations. An equally significant aspect is adherence to the individual codes of ethics and policies in every company.

An issue that has generated huge discussion is the provision of public pensions, which will demand profound structural changes in the near future. Private savings will be needed to supplement public cover, so that the developed countries can guarantee economic and social stability.

New products

The development of societies and their economies, along with the global advancement of understanding of risk and its consequences, have all created a need for insurance products, which is ever more sophisticated and tailored to each client in their individual circumstances.

Digital Transformation

The digital technology revolution means that we see the world and our daily lives in a new way. The ease, speed and efficiency that this new technology provides, represents a clear advantage to those companies capable of adapting their processes to the new reality.

Investment strategies

Insurance companies have carried out hard-hitting reviews of their investment strategies in order to adapt to new market conditions. The ongoing situation of low interest rates is a new circumstance which ushers in a range of innovative approaches to investment.

The regulation of the insurance sector protects the interests of customers and those harmed by wrong-doing. However, regulation can also have undesirable effects in terms of damaging competitive advantage, transnational cover arbitrage and various other inefficiencies in the insurance market.

Corporate governance

In order to guarantee the long term presence and operation of insurance companies in the economy, the players must continue to cultivate best practice forms of corporate governance. These practices must perform in the field of internal management and relationships with stakeholders, as well as the impact insurers bring to bear in a broader societal context.

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160 Insurance Essay Topics & Research Topics on Insurance

🏆 best essay topics on insurance, ✍️ insurance essay topics for college, 👍 interesting insurance topics for presentation, 🎓 most interesting hospital research topics, 💡 simple insurance essay ideas, 🌶️ hot insurance ideas to write about.

• Role of Mandatory Health Insurance
• Why Health Insurance Should Cover Art and Music Therapy?
• Benefits for Teachers: Social and Medical Insurance
• Hull and Machinery Insurance and Protection and Indemnity Clubs
• Market Analysis of Allstate Insurance Company
• Insurance Data Processing and Storage: Edge Computing
• Automation of Insurance Industry: Personal Reflection
• Customer Loyalty Within the Insurance Industry The aim of the study will be divided into overall objective which is further divided into a number of specific objectives for comprehensive analysis.
• The Health Care Insurance Supervisor: Job Description The job description covered most of the aspects of my roles as the supervisor at healthcare insurance organization.
• Life Insurance: Theory and Practice Life insurance can be defined as the contract between the insurer and the person owns the policy. Some countries include some events like bills and death expenses are included in the premium policy.
• Britam Insurance Company’s Sales and Marketing Management Software Britam Insurance Company has to adopt the new marketing and management software to remain at the top of the highly competitive insurance industry.
• Children’s Health Insurance Program: The Role of Nurses This paper aims at discussing the nurse’s role in designing and implementing the Children’s Health Insurance Program (CHIP).
• Using Mau Technique for Choosing an Insurance Package Four coverage plans were analyzed, taking into account performance reports, which show the core segments’ quality of services.
• McKinsey & Company: State Farm Insurance Assessment In this paper, McKinsey & Company is to be discussed as a management consulting firm that deals in consultancy, especially at senior management levels.
• Selling Life Insurance Policies: Viatical Settlements Analysis Viatical settlements allow people with a life expectancy of two or fewer years to sell their life insurance policy for a value higher than the policy’s current face value.
• Allstate Insurance Company’s Diversity Goals Allstate insurance company is one of the companies in the world that are enjoying the benefits of having set diversity management as one of its strategic goals.
• Anthem Insurance Companies’ Cost Benefit Analysis This paper provides a cost and benefits analysis (CBA) and the evaluation of patient safety issue from the perspective of Anthem.
• Maritime Insurance: A Case Study Law Report Operations in the maritime industry are characterised by threats that may lead to financial losses. Some of them include piracy, fire, and bad weather.
• Why the HIH Insurance Collapsed? This ‘historical point of view was not only in terms of the extent of losses, but also for the far-reaching effects on the Australian community.
• Health Insurance for Employees Every company is responsible for the welfare of its employees and healthcare insurance certainly falls into the parameter of welfare
• Business Ethics Concerns: State Farm Insurance Company The purpose of this research paper will be to discuss an ethical issues and how they affect business relations.
• Limited Access to Health Insurance for Low-Income Families The purpose of this report is to consider the problem of the high uninsured rate in the US and propose a possible solution.
• National Health Insurance: Debate Summary This work presents the flow of discussion about the National Health Insurance system showing its potential influence on the development of the policies and summarizes the outcomes.
• Dental Plans and Dental Insurance This paper discusses how does the ADA plan save money for the patient and whether DR increases or decreases employer’s administrative burden for dental insurance.
• Is Insurance a Right or a Privilege? The purpose of this article is to address the problems of the US health care system related to unequal access to health care.
• Health Insurance Benefits and Cost Reduction This essay seeks to evaluate how health insurance benefits affect an organization’s strategic goal setting, as well as how organizations can ensure cost reductions.
• Risk Management and Insurance Principles The risk manager should develop allocate some funds into risk insurance. This will enable the company get the necessary funds to be able to reduce losses.
• Capital Mortgage Insurance Corporation’s Negotiations It is important to apply the guidelines that will enable Capital Mortgage Insurance Corporation to facilitate effective communication during the negotiation.
• Revisions of Health Insurance Portability and Accountability Act Health Insurance Portability and Accountability Act improves the accountability of health insurance. It benefits stakeholders: patients, healthcare workers, and the whole system.
• The Insurance-Based Inequity Discussion Humanity continues to fight cancer, trying to prevent people’s deaths. From 1991 to 2018, the cancer death rate in the United States decreased by more than thirty percent.
• Insurance Financial Advising Concepts The job of insurance financial advising is to offer clients consultation on their capital. A special plan is developed that meets the lifestyle of a particular person.
• An Agent-Based Model of Flood Risk and Insurance This paper provides all essential information concerning the nature of property and liability insurance along with its core principles.
• Healthcare Insurance Organizations’ Risk of Fraud Today, numerous companies are experiencing problems resisting illegal actions and suffering losses because of their consequences.
• Health Maintenance Organization Insurance Health Maintenance Organization is a healthcare insurance plan that commonly confines coverage to care from physicians who work for the HMO insurance.
• Expanding Medicare and Medicaid into a National Health Insurance System The paper analyzes the reasons why the national healthcare insurance program should be implemented and presents critics on how the initiative should be realized.
• Health Insurance Coverage in Florida Health insurance coverage is comprehensive coverage on the means of financing an individual’s healthcare expenses.
• Life Insurance Inc.’s Yes2Life Mobile Application This report presents the documented design of the Yes2Life mobile application for Life Insurance Inc. based in Brisbane Australia.
• The Role of Business Ethics in Insurance Companies Business ethics remains a rather relevant issue for the insurance business, as the latter participates in programs for the implementation of corporate social responsibility.
• The Emergence of Private Health Insurance The study of the issue of the emergence of private health insurance and how it arose in society has exceptional value for study.
• Healthcare Insurance in the USA The healthcare policies on insurance coverage in the USA need to benefit all people. The paper discusses insurance healthcare policies as social welfare concept.
• National Health Insurance in the United States In this paper, attention will be paid to the history of the U.S. healthcare system, current reimbursement methodologies, technological advancements, and costs.
• Social Welfare Policy and Healthcare Insurance Healthcare insurance must be more affordable; in the modern US, low-income people, especially immigrants, are uninsured and cannot afford health insurance coverage.
• Health Insurance Calculations Regarding Medicare The current paper indicates that when it comes to reimbursement, the CMS says that, on average, Medicare covers around 80% of all payments.
• Importance of Life Insurance and Annuities In the case of insurance, the policyholder pays a certain amount in return for a premium upon the passing of the insured individual.
• Issue of the Urgent Need for Health Insurance The paper states that the urgent need for health insurance disorients people. Failing to find quick insurance, they abandon it and put themselves at risk.
• Health Costs and Insurance in Healthcare This paper provides a summary of the article on health costs “You can appeal a Medicare premium surcharge” and gives health insurance evaluation.
• Disability Income Insurance: Benefits and Drawbacks Disability income insurance is a supplemental policy that protects policyholders from losing their income if they cannot work due to illness or an accident.
• Discussion of Business Insurance Types Business insurance is one of the potential way of guarding business against losses due to events that may occur during the regular course of business.
• Researching of Health Insurance Plans The paper analyses how health insurance impacts future job research and compares and contrasts three New York City insurance offerings.
• Abolishing Out of Pocket Healthcare Insurance The paper discusses out-of-pocket healthcare. It refers to a mode of healthcare payment that entails using one’s own money to purchase health services.
• Employer-Provided Health Insurance (EPHI) Model EPHI is the predominant healthcare insurance model available in the United States. It includes access to medical services, lower out-of-pocket payment, and saving time.
• Business Liabilities and Insurance This essay describes the potential business liabilities related to residential rental properties, recommended types of insurance, and approaches to mitigate risks.
• Tricare and Other Health Insurance Programs This paper helps to understand the main programs of Tricare in detail and in nuance required by a healthcare professional.
• Primary, Secondary, and Supplementary Health Insurance A medical insurance policy covering a client as a subscriber, an employee, or a member is known as primary insurance.
• Hourly or Specific Days Insurance Policy Coverage The essay overviews the emergence of usage-based insurance policies, how they changed the situation for insurance companies and how competitive this type of market is.
• Life Insurance: Types, Value of Money Life insurance can be defined as the contract between the insurer and the person who owns the policy. Some countries include some events included in the premium policy.
• Cancer Insurance Evaluation An evaluation of what cancer insurance is, what it covers, how it works, the best providers, and how it differs from health insurance can facilitate a better sense of the policy.
• Dentistry, Insurance, and Children With Special Healthcare Needs This paper aims to discuss the importance of insurance in healthcare for children with special healthcare needs and provide suggestions for organized dentistry for children.
• The Insurance Industry in Saudi Arabia The Saudi government has taken measures to ensure that the country’s insurance industry is robust and up to international standards.
• Health Insurance Portability and Accountability Act HIPAA provides a solid framework for ensuring PHI security across the US healthcare system. It is partially inadequate to the current situation.
• Insurance Services by The UnitedHealth Group The goal of the UnitedHealth Group is to help employees to have reliable insurance packages that would include all essential services, including a 401k plan.
• State Children’s Health Insurance Program The SCHIP is a program between the federal and state governments that provides comprehensive health care coverage to uninsured children from financially-challenged families.
• Indemnity Dental Insurance and Its Benefits The major benefit of indemnity insurance is that it gives the patients an opportunity to receive the service of the dentist of their choice.
• Indemnity Dental Insurance: Pros and Cons The carrier processes payments to the plan member or to the dentist only after the insurance entity receives and reviews the dentist’s bill.
• Insurance Comparison: Dental Plans and Benefits Dental practitioners must demonstrate an adequate understanding of the existing Dental Plans and types of Dental Benefits.
• Health Insurance Myth and Misconceptions in Nursing This paper discusses the article “Myths and misconceptions about US health insurance” about the failure to understand the complicated process of health insurance.
• Property Casualty Insurance This discussion assesses the property casualty insurance where such vices as accidents to the employees and loss of funds due to negligence can arise.
• Healthcare Insurance: Effects of Adverse Selection People will go for insurance plans where they pay the minimal amount of premiums but get the maximum cover. This type of reasoning is referred to as adverse selection.
• Moral Hazard in Healthcare Insurance Moral hazard in health insurance refers to the additional medical care that an individual gets on the basis of higher insurance coverage.
• The Health Insurance Portability and Accountability Act The Health Insurance Portability and Accountability Act is one of the most important acts, which aims at creating proper insurance for people and abuse in health care.
• Acquiring Cheaper Healthcare Insurances The importance of healthcare insurance lies in its ability to provide peace of mind to individuals who avail of them.
• Health Care Economics Analysis: The Price of Health Insurance The price of health insurance is defined by the economic textbook as the fee for loading or the surplus after subtracting the premium from the expected payout.
• For Humana Incorporation: Health Care Insurance and Financial Status Humana Incorporation is both an urban and rural organization because it markets its insurance plans and health care services to potential patients and customers across the country.
• The Policy for the Travel Insurance and Legal Concepts Travel or Flight Accident Insurance Policy is a popular cover offered by this firm. In the event that one is involved in a flight accident, this policy offers as much as $100,000.
• Risk Management: Various Insurance Types The paper introduces the concepts of risk and insurance, considers different types of insurances and liability policies, and makes respective conclusions.
• Homeowners Insurance Policy The paper will discuss the contractual components of a home insurance policy together with its general contents and coverage.
• USHCS Perspective: A Structured Analysis of Children’s Health Insurance This paper provides a structured analysis of the Maryland Children’s Health Insurance by providing an insight into the organization’s overview.
• Medical Insurance Cover for Vulnerable Age Groups Medical experts have confirmed that early screening and detection of women among this age group is necessary in order to avert health crises before reaching a severe stage
• Rationale Strategy: PetSafe Pet Insurance This paper discusses emails of PetSafe Pet Insurance. Discusses the strategy of the company to involve new clients.
• Heart-Healthy Insurance Information Security Policy The earlier versions of the security management system are now less effective. The paper is a recommendation that may help in ensuring that the company’s data is well protected.
• Insurance Plans in States: Colorado, New York, Florida Instead of making fast decisions, it is better to address a local insurance company and investigate the conditions under which care services are provided.
• Medical Records and Health Insurance and Portability Act Health Insurance and Portability Act (HIPAA) 1996 was passed with an aim of protecting privacy of medical records.
• Healthcare Insurance Development and Importance This paper offers an overview of the formation and development of health insurance in the United States, a description of its current situation and possible prospects.
• Quality Improvement and the Need for Healthcare Insurance Essay has illustrated the magnitude of the need for healthcare insurance for the citizens of the United States, both young and old.
• Government and Private Health Insurance According to the Census Bureau, government insurance plans have 38% of Americans in comparison to 67% of people who get private health insurance services.
• The Issues of Insurance of Health Income inequalities and lack of insurance lead to poor health conditions. Health coverage is primarily useful because it compensates for all the medical expenses to the hospital.
• The United States’ Universal Health Insurance The majority of American citizens pay for and receive healthcare through private organizations, in other countries, a significant part of medicine is provided by the public sector.
• Medicaid Insurance Issues Analysis Although physicians are able to reject Medicaid insurance, they are ethically obliged to contribute to the Medicaid program improvement.
• Health Insurance in the US The US health insurance system contains multiple organizations that work to reduce the burden of the increasing costs of health services in the country.
• Insurance Issues in the Medical Center In this paper, the insurance issues of the medical center are discussed, addressing the target audience of the institution – the patients from different backgrounds.
• Health Insurance: Overview of Insurance Plans in USA In this article, the author looks at the various insurance plans available in the US, their coverage, and target populations.
• Specialty Drugs Costs and Insurance Modern medicine has moved firmly towards preventive practices to maintain public health indicators, but that is not enough.
• Prepaid Insurance or Payment Adjustments Prepaid insurance is a kind of prepayment that stands for the installments made for the expenses which have not been procured yet.
• Health Promotion Role in Reducing Health Insurance Costs Health promotion is crucial as it ensures that people understand the risks of their lifestyle and the know-how to avoid them.
• Small Businesses’ Dilemma of Providing Health Insurance Plans for Their Employees No legislation exists that demands small employers to offer health insurance. Having a health insurance cover for employees provides several benefits to the company.
• Healthcare Economics: How Private Insurance Works Healthcare and economics can be defined as issues related to the allocation of healthcare services to a human being.
• Medical Insurance: Health Care Reform The United States is said to have reached a stage where the status of health care is precarious, primarily because of it is simply not sustainable anymore.
• Credit Life and Credit Disability Insurance Credit insurance and credit disability insurance are services provided by several insurance companies. Credit life makes an effort to cover the remaining loan when one dies.
• Australian Insurance Market Segment Analysis The report elaborates a specific market segment of Australian motor car insurance via an understanding of its customers.
• Health Insurance Crimes in the United States There need to be more stringent regulations in the way Medicare claims are filed and met, a concerted effort from the part of patients, physicians, insurers, and the government.
• Human Resource in Healthcare: Health Insurance It is perceived that large differences exist in employer sponsored insurance coverage between young adults and their older counterparts
• Health Insurance Exchange: Economic Perspective A health insurance exchange or marketplace is defined as an area where residents may identify the conditions for having health insurance.
• Debate on Abortion Insurance in South Dakota The Healthcare Insurance Ban health policy in South Dakota is a public health concern and a direct violation of federal law.
• Health Insurance Abortion Ban in South Dakota The policymakers of South Dakota should strive to ensure that the Health Insurance Abortion ban is more inclusive by considering rape and incest-related pregnancies.
• Health Insurances and Florida’s State Strategies Introducing opportunities for health insurance is a critical part of any benefits package in the contemporary workplace environment.
• Sociology: Economic Class and Health Insurance The paper explores the hypothesis that higher economic class people are more likely to have comprehensive health insurance.
• The State Children’s Health Insurance Program Having conducted a thorough analysis of the shortcomings of the SCHIP, I came to the conclusion that the program has good potential, even though it should be revised.
• Health Insurance for Children With Special Needs The health gaps affecting CSHCN are products of two major factors – low levels of health literacy (social impediments to health care access) and poor government policies.
• Lloyd’s Company Solvency: Unique Insurance Strategy It is crucial for Lloyd’s to develop its information management approach and work on the means to promote a better cohesion between its members.
• Health Insurance: Prisoner’s Dilemma By becoming part of the universal health insurance, the prison would no longer have to negotiate for specific healthcare items at increased cost and limited choices.
• Anthem Insurance Companies’ Process Improvement Anthem is an insurance company that prioritizes the value of plans it provides to clients and accountability in its work.
• The Federal Insurance Contributions Act: Economic Burden Payroll tax, such as the Federal Insurance Contributions Act (FICA), is a form of tax imposed on the wages that employees receive from a given firm.
• General Worldwide Insurance Company Information Technology Generali Worldwide Insurance Company recognizes the need for the effective and safe use of information technology for furthering its governance, risk, and compliance functions.
• Florida Health Care Insurance This work includes information on health insurance, general health statistics of the population in Florida, and the state’s position on health care reform.
• Anthem Insurance Companies’ Risk Management The organization in question is an insurer Anthem that has to provide reimbursements to medical establishments for their services.
• National Health Insurance and Its Disadvantages National health insurance (NHI) invariably becomes a reason for heated debates since the beginning of its history in 1912.
• Website Health Insurance in Florida This paper analyzes the question of what does the website reveals about health insurance and health care reform in the state of Florida.
• National Health Insurance: Contrarguments In this paper, the arguments of the opponents that were presented to advocate for national healthcare insurance (NHI) are going to be countered.
• Florida Abortion Policies and Health Insurance Health plans that are provided in the Florida state’s health exchange by ACA may only cover abortion in the cases when the life of the woman is at risk.
• Old Age, Survivors, and Disability Insurance Benefits The Old Age, Survivors, and Disability Insurance benefits (OASDI) is one of the Social Security programs that every American is entitled to as their social right.
• Safety of Healthcare Information: The Health Insurance Portability and Accountability Act The general provisions of HIPAA establish the definitions for key terms, for example, PHI, health insurance coverage, group health plan, and covered entities.
• Health Care Reform and Insurance in Florida The lack of sufficient health insurance in Florida coverage is one of the critical issues that prevent it from being considered healthy.
• Healthcare Public Financing and Insurance In the United States of America, there is a large portion of the population that does not have health insurance. This tendency occurs because health insurance is quite expensive.
• Robinson Insurance Agency’ Leadership Assessment Robinson Agency faces the challenges of selection, transition, and replacement associated with the human resources because of the necessity to select persons who have great leadership potential.
• Medicaid Versus No Health Insurance In many ways, at the moment, the opinions on Medicaid became very radicalized. People sometimes claim that studies showed too little difference between treatment received
• Healthcare Insurances in Florida Access to health insurance is one of the most critical issues of concern in the modern US health care system. This work discusses the health care insurances in Florida.
• Obamacare and Universal Medical Insurance Coverage It is paramount to provide universal health care insurance if the U.S. population is to have a better health level, and, consequently, a higher quality of life.
• Health Insurance Policy’s Impact on Nursing The federal policy that has a significant impact on the role of the advanced practice registered nurse is the Health Insurance Portability and Accountability Act (HIPAA).
• Medical Insurance among the Citizens: Statistical Research Healthy People 2020 is the project that comprises numerous recommendations related to health care and health promotion among Americans.
• Health Promotion: Health Insurance Costs Reducing Health promotion is targeted towards increasing the control over the health of the target audiences as well as the improvement of their health.
• Insurance Management: Burglary and Thrift Exposure In order to prevent the shop owner from suffering major financial losses in the case of a raid, such a method as noninsurance transfer can be suggested.
• Patient Healthcare: Health Insurance Portability and Accountability Act The healthcare system is concerned with the duties of providing the people with treatment, prevention measures, and overall management of health.
• The Insurance Regulator in the State of New York This report examines the disciplinary measures that have been employed by the insurance regulator in the State of New York in a bid to determine what constitutes a good insurance company.
• Health Economics – Health Insurance Market failure is the term used by economists to describe instances where insurance markets fail to provide adequate insurance services at reasonable prices.
• An Economic Analysis of the National Health Insurance In this paper, an economic analysis of a National Health Insurance is going to be carried out, in the US context. There is going to be presentation of the historical background of Insurance.
• Accident Insurance Claim Personal Injury Insights
• Bank Runs and Moral Hazard: A Review of Deposit Insurance
• Choosing the Right Insurance for Homeowners
• Cheap Car Insurance for Young Drivers
• Employer-Provided Health Insurance and Job Change
• Crop Insurance Under Restricted Access to Financial Markets
• Case Capital Mortgage Insurance Corporation
• Directors’ and Officers’ Insurance and Shareholders’ Protection
• Crop Insurance, Moral Hazard, and Agricultural Chemical Use
• Corporate Insurance With Optimal Financial Contracting
• The Importance of Financial Innovation in Deposit Insurance
• Federal Deposit Insurance Corporation
• Choosing the Right Pet Insurance Policies
• Examining the Insurance Industry in Nigeria
• Financial Instability and Life Insurance Demand
• Bad Debt Loss Insurance in Settlement and Litigation
• Health and Health Insurance Trajectories of Mexicans in the US
• Children’s Health Insurance Program: An Evaluation 1997-2010
• Disability Insurance, Population Health, and Employment in Sweden
• Crop Insurance Moral Hazard From Price and Weather Forecasts
• Employment and Adverse Selection in Health Insurance
• Canadian Immigration and Health Insurance
• Background Uncertainty and the Demand for Insurance Against Insurable Risks
• Affordable Health Insurance for Unemployed
• Dealers’ Insurance, Market Structure, and Liquidity

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StudyCorgi. (2021, December 21). 160 Insurance Essay Topics & Research Topics on Insurance. https://studycorgi.com/ideas/insurance-essay-topics/

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This essay topic collection was updated on January 8, 2024 .

235 Insurance Essay Topic Ideas & Examples

🏆 best insurance topic ideas & essay examples, 👍 good essay topics on insurance, 📌 most interesting insurance topics to write about, ⭐ simple & easy insurance essay titles, 💡 interesting topics to write about insurance, ❓ research questions about insurance.

• Social Insurance Programs and Their Influence on Society Socioeconomic and political forces can also affect social insurance programs as political and economic determine the longevity of social security programs.
• The Importance of HRM Within the Insurance Industry First, the company undertakes a rigorous procedure to ensure that the jobs that have been designed specifically meet the needs and requirements of the firm and its clientele and most importantly, the job description attracts […] We will write a custom essay specifically for you by our professional experts 808 writers online Learn More
• Role of Insurance in Economic Development The importance of the insurance sector in the economic development of the country is being increasingly felt, due to the continued increase in the contribution of the insurance sector to the overall financial sector.
• Company Analysis: Aviva Life Insurance Company Directors and management of a company are interested in its efficiency to generate profits, the company’s viability from the investor’s point of view, the company’s ability to generate sufficient returns to investors and gearing ratio […]
• Insurance Agency’s Organizational Behavior To achieve the objective of determining effective usage of human skills in management, the top manager, Miss Kally, was interviewed about of the company.
• Risk Management: Types of Insurance Even though insurance cannot avoid the occurrence of bad things, it has the capability of transferring the financial consequences of the events to an insurance carrier, thus limiting the financial commitments of the insured firms.
• Insurance Barriers in Mental Health Population With the help of the Affordable Care Act, access to mental health care among people with low income and from ethnic and racial minorities was improved significantly.
• Corporate Demand for Insurance on Risks In addition, empirical studies indicate that the capability of firms to self-insure decreases the demand for corporate insurance coverage for other policies apart from the property exposure.
• Risk Management and Commercial Property Insurance In the quest to understand risk management and commercial property insurance, one should understand the risks in society, the relationship between risk and insurance, risk management tools, and the legal principles of risk and insurance […]
• Insurance Frauds and How They Can Be Managed Insurance refers to the services offered by companies that are willing and able to undertake risk prevention and compensation services to individuals and property.
• Emotional Appeal in the Insurance Advertising The centrality of the word, as well as the uniformity of the blue background, forces the viewer to notice it and probably remember it for a long time, given the jolt of transition.
• Organizational Behavior in Insurance Marketing Group The paper assesses how the organization’s behavior has been influenced by different components, which include the organization’s culture, internal communication, motivational techniques, nature of authority, areas of emotional quotient embraced by the organization, and the […]
• The Tort Law and Liability Insurance System The changes in the insurance system made it more accessible and enabled poorer people to buy insurances and get costs in case of insured accident.
• Operational Risk Within Lloyd’s Insurance Market The article entitled, Operational Risk within an Insurance Market reflected the ideas of Manning and Gurney when it comes to the development and implementation of risk management within Lloyd’s insurance market. The article’s objective is […]
• Insurance Companies Using Artificial Intelligence In these situations, the decisions AI would make would not contribute to improving the situation for these people and would not better the society as a whole.
• Progressive Insurance’s Diversity, Equity and Inclusion It can be used to assess the effectiveness of diversity recruiting and retention efforts, measure the value of diversity training, and survey workers about the success of diversity initiatives, such as supplier programs, employee resource […]
• The Replacement for the ACA Healthcare Insurance Policy For example, the AHCA policy allows a waiver of the ACA’s healthcare provision for societal rating and enables the federal government to charge patients more capital regarding the payment of premiums.
• The Health Insurance Portability Policy Analysis These changes demonstrate that policymakers draw sufficient attention to ensure that the HIPAA policy addresses current issues and keeps abreast of changing technologies that are actively applied in the medical sphere.
• Aspects of Insurance Financial Planning The basic principle of investment is that an increase in the risk of an investment increases the potential for high returns.
• How the Insurance and Drug Industries Affected the Universal Healthcare Universal healthcare in the United States guarantees that all citizens have access to the medical care they need, regardless of their capacity to pay.
• Macro-Environmental Analysis: Health Insurance for Children Additional sub-questions to be evaluated will be: Will the free-standing children’s hospitals go the way of rural hospitals and become obsolete?
• Australia Comprehensive Car Insurance Industry Thus, the sector is characterized by the dominance of the four biggest insurers cooperating with the highest number of customers and possessing the biggest market shares. Altogether, it is possible to conclude that the car […]
• Comparing Insurance in the UK and Germany Insurance within the framework of the first category is aimed at maintaining the well-being of citizens and, in the second – reducing financial losses in the event of risks to property.
• Art and Music Therapy Coverage by Health Insurance However, I do believe that creative sessions should be available for all patients, and I am going to prove to you that music and art are highly beneficial for human health.
• Privacy Issues of the Health Insurance Act The rule requires health entities to notify their patients when their health data is impermissibly used or disclosed in a manner that compromises the security and privacy of the PHI.
• Insurance in Europe Profitability and the Macroeconomic Environment The assignment analyses the cost structure of the industry, the economic landscape in Europe, and how it relates to the insurance sector, changing consumer preference, and the impact of Covid-19 on the industry.
• Struggles of Democracy: Social Insurance Programs There are always segments of people in the society who struggle more than the general population, and by taking measures, the government increases the economic growth and general well-being.
• The Future of Retirement and Health Insurance There are many risks related to them due to a number of factors: stock market instability, possible changes to the funding of those programs and the threat of the abolishment of Medicare.
• Should Health Insurance Be Mandatory for All American Citizens? With state-initiated changes, there is a chance for healthcare insurance to become obligatory for every resident inhabiting the United States improving their well-being, treatment outcomes, and quality of life.
• Healthcare Insurance and Job Search The company choices rangers from the people covered by the insurance, hospitals that the insurance is accepted, the amount the insurance can raise the amount deducted from the salary for the cover.
• Health Insurance Portability and Accountability Act Marketing Process: Advertising Advertising is regarded as a vital type of information for medical service competitiveness due to the competitive nature of medicine and the firm establishment of practically all business sectors in the United States, presently deemed […]
• The Life Insurance Industry: Key Aspects Nevertheless, there is a problem of understanding the need and functions of life insurance among the population, which becomes an obstacle to the registration of such services.
• Content Analysis of Cyber Insurance Policies Overall, the information that the course has provided has allowed me to understand and embrace the framework for addressing the cases of personal data breach.
• Consideration of Insurance From an Ethical Point of View The payment by the insurer of the insurance indemnity to the policyholder is the responsibility of the insurer. Setting a payment limit is a solution to the problem of losses for an insurance company in […]
• Outback Insurance Company vs. Dexter’s Facility In case of violations of the rules of operation, use of the vehicle, and its management, the detention of the vehicle is applied.
• Features of the Entry of a Foreign Insurance Company to the UAE Market The modern United Arab Emirates is striving to diversify the economy and minimize the influence of an obscure sector on the development of the country. CCL regulates the activities of agents for foreign companies in […]
• Insurance Inequality in New Zealand This applies both to the employer’s territory and outside it, either during the journey to the place of work or returning from the place of work.
• UHC: Managing HACs and HAIs in the Context of Insurance Programs On the one hand, if the number of HACs continues to trend upward, this will lead to the establishment of larger sizes and impose more stringent requirements on the operation of clinical organizations.
• TriTerm Health Insurance Program in West Virginia In addition, one of the last steps is the need for feedback to adjust the plan and make timely changes. Thus, this is what creates some disconnect between the framework and the TriTerm health plan […]
• Health Insurance Portability and Accountability Act: Privacy and Security Rules Violation Most cases present with the use of malicious malware to access protected data without the consent of the insurers and inappropriate use of that information.
• Medicaid, American Governmental Health Insurance Program The Federal government covers the main part of the insurance, and the other part is paid from the state’s budget. The other factors that influence the individual’s permission to use it are the cost of […]
• Case Study: Happy Acres and Insurance Being on the second floor of the facility, she fell down the stairs and broke her hip, and got a concussion. The nursing home had failed to implement the relevant measures to maximize the safety […]
• Usage-Based Insurance Company Project In order to explain the opportunity, I would like to share with you the state of the market, potential competitors, and the description of the target customer base.
• Cost Sharing Under State Children’s Health Insurance Program Because of the implementation of cost sharing, the yearly allowances for the families eligible for SCHIP have been significantly reduced, leading to the impossibility of dental care for the children.
• Corporate Finance Law in Saudi Arabian Insurance Institutions This study will stand on available research to examine the fundamental growth drivers and estimate the prospects that Insurance institutions in Saudi Arabia have under the corporate finance law in terms of the situation of […]
• The Health Insurance Portability and Accountability Act and the Medical Billing Process As of now, the disclosure and use of health information is safeguarded by a collage of state legislations that leave gaps in the protection of patients’ health records that are private and confidential.
• Malpractice Lawsuits: Professional Liability Insurance The interests of the healthcare professional are secondary to those of the employer in case of a lawsuit. One disadvantage of having professional liability insurance is that its premiums might be expensive to some healthcare […]
• Whole Life Insurances Case Study The type of health policy they use is named the Whole Life Insurance, which presupposes insured person’s coverage for the duration of their lives as long as they pay the premium on time.
• Professional Liability Insurance As a result of the discussion, nurses received new information about the professional liability policy; one of the nurses decided to obtain the individual plan.
• Health & Safety & Insurance: Risk Management There are chances that the regular or single insurance program or policy will not be able to cover all the possible exposures.
• Risk vs. Cost in Natural Disaster Insurance Floods are more predictable, and it is possible to create a map for each flood-prone area that would allow insurance companies to calculate the exact cost of premiums.
• Nursing: Malpractice Insurance First of all, it is hard to estimate the exact amount of insurance that I may require since the amounts of money paid to different patients may vary widely. Therefore, I should clarify whether I […]
• Children’s Health Insurance Program This presentation discusses the role of the Children’s Health Insurance Program, a component of U.S. health policy regulating different mechanisms of medical services for children.
• Economics: Insurance Industry in 2005 The first is trade in risk and the second is diversification. When an insurance company is able to take advantage of the predictability that comes from aggregating a large number of independent events, it is […]
• Landlord and Tenant, Insurance and Estates It is an owner of the property who yields the right to use the property for a particular point in time in exchange for the reception of the rental fee.
• National Disability Insurance Scheme Implementation This paper explores the economic, political, sociological, epidemiological public health factors affecting the implementation of the NDIS, and their effect on the health policy in response to the growing needs of the community.
• J.C. Durick Insurance v. Peter Andrus Law Case The dispute was a result of changes made to the insurance cover policy, by the plaintiff without the consent of the defendant.
• Australian Business Law: Insurance Contracts Act Insurance basics state that the insurer covers the insured and in the event of any circumstances unknown to the insured, the insurer is supposed to pay relief to the insured.
• Manifestations of Gender Discrimination in Insurance In the past, insurance companies have engaged in gender discrimination in the classification, acceptance and rating of risks. This paper provides an in-depth analysis of the concept of gender discrimination and insurance in the world.
• The Selection Process for the Type of Health Insurance for Staff in a Medium-Sized Company The cost of health insurance would also be a useful piece of information for determining the right health insurance policy to take.
• Bank (HSBC) and Life Insurance Company (Protective) The report also investigates the profitability of the two companies, the metrics used to measure profitability, variation in the last five years and the reasons for these variations.
• Employment Law in Australian Insurance Sector As a matter of fact, there was no evidence to prove that the inclusion of the implied term in the contract was a professional custom in the insurance sector.
• A Change in the Medical Insurance Plan It is not a secret that health insurance is one of the most sensitive topics in the workplace, as employees are insured with the help of employer-sponsored medical insurance every year.
• Measles and Health Insurance in Illinois It is also shown that Illinois had the 23rd position among the states of the U.S.according to the percentage of the population not covered by health insurance in 2014, beginning with the states that had […]
• The United Health Care Insurance Program In most cases, the insurer is the insurance company that provides different insurance packages to individuals in an exchange for payment of a small fee that is referred to as a premium.
• Health Insurance and the Affordable Care Act As soon as the specifics of the staff’s role in the organization and the threats that they are exposed to are taken into account, the implementation of the PPO strategy should help improve the quality […]
• Zurich Insurance Company’s Risk Management Principles A look at the structure of the insurance industry of Bahrain reveals that it is made up of two types of firms, the Takaful institutions and the conventional insurance companies. There is a couple of […]
• Healthcare Insurance and Quality Improvement The current paper discusses the impact of technological innovation, pay-for-performance, and evidence-based medicine to improve care quality and reduce costs. Pay-for-performance initiatives such as Medicaid and Medicare encourage the identification of programs that are most […]
• Health Insurance and the Labor Market To understand the implications of the adverse selection, it is important to focus on the aspects of the issue. While changing the distribution of the number of labor hours among employees and the size of […]
• Financing Healthcare and Public Health Insurance The alternative sources of funding are critical for the sustainable functioning of the healthcare system. These regulations can be critical for minimizing the cost of healthcare.
• Hospitality Law: Dram Shop Insurance It should be mentioned that the employees of restaurants and hotels can also sustain their injuries in the workplace, even if this risk is lower in comparison with other industries.
• Insurance Companies’ Profitability in Saudi Arabia The insurance companies are required to raise a minimum capital of SAR100 million in order to be licensed to operate in the industry.
• Car Insurance in Saudi Arabia vs. USA The main objective of car insurance is to protect the car owner and the family from financial losses in the event of an accident or any other eventuality.
• The Principles of Insurance Before agreeing with the insurer, the insurance company often evaluates the risk factors of the insurer and the probability of occurrence of such risks.
• Insurance Sector in Arabic Gulf Region The growth in the insurance sector in the Gulf region matches with the growth of the economy, population growth, improved regulatory framework and increased responsiveness of the products offered by the industry in these regions.
• Commercial Law: Insurance Contracts Act ‘An insured’s duty of disclosure under the Common Law and the Insurance Contracts Act 1984’ Under section twenty one of the 1984 Insurance Contacts Act, all customers are required to make a disclosure to the […]
• Takaful Insurance Company of South Africa It points out the aims of and objective of conventional and takaful insurance. This therefore transits the ownership of the insurance resources or money and processes to the policy owner.
• Saudi Arabia Insurance Companies and Stocks The insurance sector is one of the highest-ranking areas of investment in the Saudi Arabia Stock Exchange. However, compared to other emerging markets, this does not much most well-performing markets probably because of the policies […]
• Health Insurance in the USA: A Basic Necessity for the Population In my view, a good plan to start the solution chain for this problem would be the proper reallocation of federal funds in favor of healthcare research and insurance coverage.
• Insurance Policies and Covers in the Construction Industry This dissertation is aimed at exploring the insurance responses shown by construction firms in the industry in their attempt to reduce their exposure to inherent risks in the industry Insurance is a term that refers […]
• Implementing the Health Insurance Portability and Accountability Act of 1996 However, efficient recording and transmittal of essentially private information over the Internet and even proprietary networks posed a threat to the individual right to privacy of health and treatment information.
• Long-Term Care Insurance Sources The reason is the credibility of the brand; it is one of my most well-known service providers and its customers have generally been happy with them.
• Long-Term Care Insurance for Different Age Categories A look at the escalation in premium suggests that purchase of LTC while a person is younger and can afford continuity in premium payments is prudent.
• “China Life Plots Overseas Insurance Buys” by Dyer & Waldmeir With the current economic down surge, most companies are not able to make investment decisions for fear of uncertainties that are likely to befall them. This is to take advantage of the untapped opportunities and […]
• Process of Professional Integration in Hospitals and Expansion of Managed Care Health Insurance However, in the case of MaineHealth a Clinical Integration and Community Health Improvement organization a perfect integration has resulted in profound success in extending services to the community. The hospital followed the process of integrating […]
• The Single-Payer Healthcare System and Improve Health Insurance Availability The single-payer framework will boost healthcare management through centralization, thus, raising the accessibility of quality clinical services among all individuals who need them.
• The National Disability Insurance Scheme: The Issue of Financing Professionals working within the sphere of Aged Care and Disability Services have to collaborate with many organizations in order to ensure that their clients and patients receive the most benefits from the system.
• National Disability Insurance Scheme The development of NDIS is conditional upon the existence of specific issues related to the provision of healthcare services to disabled people.
• A Company Having Healthcare Insurance for Workers: Pros and Cons In terms disadvantages, the constant increase in the cost of health insurance is also a factor to consider. In such situations, employees are required to provide a medical certificate, and paid sick leave is only […]
• The Significant Mistakes That Go Against Insurance Policies Crastination has not gone to the office for the annual examinations, and the procedures done by Dr. Since the visit was entirely considered a medical treatment, it does not meet the requirements of an insurance […]
• Multiple Insurance Contracts and Customer Behavior Research Goal: This study will help to understand the dominant pattern in the insurance companies and comprehend why some of the companies have established multiple insurance services.
• Risk Management Throughout History: The Origins and Development of Private Insurance In particular, Chapter 4 The Return of Risk tracks the origins and development of private insurance and welfare state and examines the limitations of different risk management practices.
• The Future of Automobile Insurance Thus, progressive insurance politics can become a backbone of the safety of Canadian vehicles, while the consequences of the abolishment of insurances through the usage of new technologies are unpredictable.
• A Flood Insurance Program in Canada: The Way to Protect Lives and Homes Floods are the major source of property loss: according to the analysis made by Munich, insurance companies do not want to take all the bills they get and ignore the majority of them.
• Quality Management at Empire Blue Cross Shield Insurance Company Boasting of over 75 years experience in the insurance industry, the company has expanded its activities to cover all market segments.
• The Allianz SF Insurance Company and Its Activities in Saudi Arabia It should be observed that most of the firms coming from the other half of the world, commit the blunder of imposing the same marketing ploys and campaigns to the Saudi Arabia market; Allianz group […]
• AllSafe Insurance Company’s Ethics and Competition In this case, the customers of D & M Insurance Company are expected to buy more policies for the company as the prices of their policies would be expected to be lower.
• Portfolio Insurance: Types of Risk in Fund Investing Their main investment area is the stock exchange that is subjected to external forces that affect the prices of the shares. This is because the factors that lead to it are national and a wise […]
• Life Insurance: The Key Points The ultimate aim of Insurance is without a doubt to minimize the risks involved in various aspects of life and in addition to this, to cover and compensate the owner if any loss is suffered […]
• Employment Insurance Training Benefits in Canada In this regard, those workers that have been laid-off are in a dire need of sufficient benefits for their sustenance and that of their families, as they seek to look for other forms of employment.
• Insurance Against Weather Conditions In Florida, the standard wind insurance payment increased from $723 to $1465 from 2002 to 2007, and in Florida’s coastal regions payments have tripled or even quadrupled. In addition, insurance companies have increased deductibles which […]
• Historical Development of Insurance This is the paper that will be briefly discussing the history of insurance along with the needs of insurance that has been realized in the past.
• Reiki Therapy: Why It Should Be Covered by Insurance It is success that counts most in this world and it is the system of Reiki holistic healing that is the success story of the day and under such conditions it should be covered by […]
• Programs of Social Insurance The category that is highly represented in this group of the uninsured is the working population basically due to lack of coverage for health insurance by their employers and also due to the amount of […]
• Price Discrimination in Healthcare and Family Health Care Insurance The benefit of the global pricing is that payer of the price and the service provider share equal risk. The main objective of price discrimination is to maximise revenue and increase the profit of the […]
• Ethical Issue Facing Health Care: Healthcare Insurance Issues These problems can range from whether or not the person has healthcare insurance to the doubt that whether or not the insurance providers are going to pay for the medical treatments.
• Introduction to Insurance The main aim of Insurance is to minimize the risks involved in various aspects of life and to cover and compensate the owner for any loss is suffered by the owner.
• Healthcare Trends and Implications. Insurance Affordable health care insurance needs to become a top priority and this article talks about the attempts of various states to increase health care coverage by providing greater access to healthcare and public coverage to […]
• The Captive Insurance Services: Different Types Captive insurers are insurers who are owned in part or in full by companies in the business of insurance. Captive insurance in Bahrain is well defined and in this country they have a number of […]
• Technological Development: Oman Insurance Company According to the requirements of combining information technology and information system relating to the internal and external environmental elaboration and development purpose, critical analysis of technological background and overall judgment of competency regarding the selected […]
• Personal Injury Insurance Adjuster in North Carolina But it is not always that the first person to arrive to your case will be a lawyer but most of the time it is an insurance adjuster who arrives first in a bid to […]
• Sompo Japan Insurance Incorporation in the US The insurance rate though is vital for the determination of the amount which is called as the premium which has to be changed for a particular amount of an insurance coverage.
• Critical Illness Insurance Critical Illness insurance is a pretty new form of insurance in Canada and pays you a benefit if you are stricken by a critical illness such as cancer or heart attack.
• The Concept of Taxation and National Insurance In general, it can be said that taxable income is the portion of an individual’s income that is the subject of taxation according to the laws that determine what is income and the taxation rate […]
• Health Insurance Portability and Accountability Issues The survey consisted of 20 questions and wherein they assessed the procedures in place for HIPPA compliance, the involvement of the Health Information Managers with regards to setting HIPPA policy, the incidents of confidentiality breaches […]
• Home Insurance Increase in Florida Home insurance increases in Florida, and more and more people have to sell their homes because of high insurance rates and fraudulent actions of insurers.
• Insurance in Developing Social Responsibility Though insurance is all about covering and managing risks, the contribution of the collective and obligatory social insurance systems towards developing social responsibility on every individual of a society is not only built up to […]
• Disability Insurance Plans in Canada Disability insurance is the type of insurance that provides you with financial security when you are unable to work and earn an income due to an accident or illness.
• Healthcare Insurance for Domestic Partners Healthcare benefits are just part of the benefits offered to domestic partners of employees in US companies. According to some findings, more than 13 percent of the employers in the country were offering benefits to […]
• State Farm Mutual Automobile Insurance Company’s Finance Based on the income and expense statement, net income, the loss ratio, the expense ratio, and the combined ratio have been calculated.
• Business Insurance: Best Ways to Protect Companies This category of business insurance is tricky because there is a lack of coverage when it comes to losing information and not all insurance companies agree to take the risk. The list of possible business […]
• Car Insurance Charges and Gender and Age Factors In this regard, the majority of insurance companies prefer that drivers wait until they attain 25 years of age for them to start paying normal adult insurance rates. It is sensible for insurance companies to […]
• UniFirst and Progressive Insurance Corporation’s Technologies The use of PDA and IRV systems by both UniFirst and Progressive Insurance have enabled the businesses to expand, increase their output and customer base.
• Islamic Finance and Takaful Insurance Takaful is the Islamic version of conventional insurance. The Islamic form of insurance or Takaful discourages the levying of interest and gambling.
• Green Health Company: Dropping Insurance Products Paul, the vice president of Small Group Products, understands the risks of dropping the most popular programs in the state and notes that the losses for the business may be more significant than estimated.
• Health Insurance Provision in the USA In the first drafts of this major document, a health care reform was proposed as a way to change the insurance policies and provide people with more opportunities to get access to healthcare.
• Employer-Sponsored Health Insurance and Its Influence Employer-sponsored health insurance has a long history in the United States and remains the main form of individuals’ access to medical services in the country.
• Malpractice Insurance for Nurse Practitioners The author goes further to indicate that NPs should be willing to analyze the role of license insurance coverage. Studies should also be undertaken to analyze the nature of different malpractices and liabilities associated with […]
• Mandatory Health Insurance in Abu Dhabi and Dubai As a way of providing effective mandatory health insurance policies in Abu Dhabi and Dubai, the administrations should focus on the overall cost, localities of coverage by the insurance policies on the insured and the […]
• Pearl and Mutual Benefit Insurance Company’s Turnover The result is the recruitment of individuals that may not fit in the organization, leading to a high rate of turnover. It is important to analyze the strengths and weaknesses of the recruitment process.
• Health Insurance Portability and Accountability Act There is also a Security Rule that is also created to guarantee the protection of crucial information and provide specific safeguards that are needed to prevent the appearance of different complications.
• Healthcare Availability and Insurance Regarding the ACA health insurance, it is defined as the lack of information available to insurers to make an appropriate decision.
• The UAE’s Healthcare System and Insurance The UAE has made incredible progress in its healthcare sector, owing to the government’s plan to establish comprehensible health initiatives and programs that target both private and public health sectors. The World Health Organization now […]
• Prospective Insurance Company: History and Information Its vision and mission is to be the best insurance organization in the world and to positively impact on the community through the provision of effective financial security planning.
• Insurance Company’s Advantage and Competencies Regarding the source of differential advantage for the new insurance company, such a source as the targeted segment may be applied to the current case.
• Driver Insurance, Its Gender and Age Factors To prove the importance of high rates of insurance for young male drivers, it is necessary to think about its benefits.
• Insurance Premiums in Relation to the Driver’s Age Drivers who are 16-19 years old are more likely to be involved in a car accident; at the same time, drivers who are 60 years old or older also pay more for their insurance compared […]
• Personal Financial Planning: Insurance Case Given the fact that the rent for the house is comparatively low, as well as the fact that there are valuable personal possessions, it will be reasonable to spend a significant number of the financial […]
• UAE vs. Saudi and Qatari Insurance Market The UAE is one of the dominant states in GCC, and its insurance conditions remain to be the most successful. The peculiar feature of insurance brokers in the GCC is their decision to capitalize on […]
• Risk, Insurance, and Third-Party Administrators The purpose of this paper is to discuss the term ‘risk’ and associated insurances, focus on the concepts of the ‘third party administrator’ and areinsurance,’ and report on the financial results of the major insurance […]
• Preventive Healthcare or Insurance Access Policy? It is possible to pay attention to some features of the current policy to find a way to effectively solve the problem of access to health insurance.
• Insurance: Purchasing Trends on Consumer Behavior These aspects have been seen to create dynamics for marketers in the insurance sector because they have continuously influenced the psychology and expectations of insurance consumers across the world.
• Unemployment Insurance Extension in the US In this way, extended UI lets them realize that they are not forgotten by the rest of society, and there is still an opportunity to find an appropriate job.
• Blafax Insurance Group’s SWOT Analysis Therefore, the customers of the company range from the US citizens to those across the globe, particularly in Europe and Asia.
• Pediatric Health Care and Insurance in the USA Despite the efforts of the U.S.government to ensure a thorough health care coverage for all children who are residents of the country, there remains a number of children who are uninsured and have no access […]
• Economics of Cyber Insurance This led to the need of protecting the Internet users standing through other means, the foremost among them being the cyber insurance policies.
• Unemployment Insurance Policy in the United States Despite some of the efforts embraced by different communities, the issue of unemployment has continued to affect the welfare of many citizens in the country.
• The Children’s Health Insurance Program in the US The Children’s Health Insurance Program is one of the current and robust healthcare policies targeting children in the United States. The main goal of the Children’s Health Insurance Program is to offer medical insurance coverage […]
• Kaiser Permanente’s Healthcare Insurance Program One possible solution to this would be to create a similar system as seen in the case of Kaiser Permanente wherein through its network of 36 medical centers and 14,000 medical professionals it does allow […]
• BP Company’s Insurance Strategy and Risk Management BP was the largest company in the UK in the 1980s and 1990s. To the extent of such potential losses, BP has to buy insurance in exchange for loss settlements should the risks occur.
• Council of Cooperative Health Insurance: Performance Management The PMS underscores the need to measure these outcomes as a vital component of evaluating the value of employees and management activities in assisting the agency to assume a proactive and client-focused approach in regulating […]
• Ethics and Issuing a Health Insurance Surcharge The primary reason for companies to refuse to issue a health insurance surcharge to employees who smoke or drink against medical advice is the fallacious argument that such employees in the work environment are conscientious […]
• Oil Drilling and Oil Services Insurance It is important to analyze the role of insurance in the development of the Oil Drilling and Oil Services industry in the United Arab Emirates and examine its basic principles in the local and international […]
• Life Insurance Policy Choice Whole life insurance is a fixed premium insurance policy which covers the lifetime of the insured, as long as the premiums are paid.
• Health Insurance in the UAE In Dubai and Abu Dhabi, the policy started in 2014 and it is expected that the majority of people living in the UAE will have obtained the health insurance by 2016.
• The World Insurance Partnership: Ethics Program The Ethics Program for the World Insurance Partnership is designed to declare the company’s core values, to promote the ethical principles and standards among the stakeholders with the focus on principles of transparency, integrity, and […]
• Constructit & E-editor Companies’ Health Insurance Changes to the Castor health insurance strategy result in the development of the Castor Enhanced Minor, which is most appropriate for the E-editor employees.
• Health Insurance Cooperatives In the United States, nonprofit health insurance cooperatives have been recommended as the third option to the tradition private health insurance and the newly suggested public health insurance.
• Takaful Insurance Company in the UAE The Malaysian Takaful operator, Syrikat Takaful Malaysia, illustrated the swift growth of the first Takaful portfolio in the country, all based on a model which served as a platform for expansion to the other countries […]
• Health Insurance Exchange: Obamacare Program The artificial raising of customers’ demand minimizes the regulation power of clients in price setting due to the fact that the level of competitiveness in the insurance market will sag significantly.
• Contract Doctrine: McLain Versus Great American Insurance
• Direct Channels Impact on Insurance Industry
• Gulf Countries’ Social Insurance
• Nationwide Auto Insurance Product – Marketing
• Consumer Behavior in Insurance Positioning
• General Organization for Social Insurance
• Strategic Plan of an Insurance Company in the UAE
• The Progressive Group of Insurance Companies – Managers
• The Issues in RACQ Insurance
• Capital Mortgage Insurance Corporation
• A Comparison of Construction Surety Bond and Insurance
• Life Insurance Ethical Issues
• Health Insurance Importance
• Job Analysis: Assistant Insurance Salvage Evaluation Manager
• Insurance in the UAE: Drivers’ Single Database
• On the Success of Tawuniya Insurance Company
• Excluding Health Insurance from Social Security Act
• Marketing Research and How Marketing Information system is Organized in Middlesex Insurance Company
• Issues Facing Medicare – Program Established to Provide Health Insurance
• Risk Management: Insurance Industry in Queensland Australia
• Quantitative Techniques of Mitsui Sumitomo and Asahi Insurance Companies
• Service Quality Gap: Oman Insurance Company
• Compensation System of State Farm Insurance
• Premiums in XYZ Health Insurance
• International Dentists Insurance Company
• Risk Management and Insurance
• Inequality in U.S Healthcare: The Americare Insurance System
• Health Insurance Schemes
• Unemployed Insurance in Social Security
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IvyPanda. (2024, February 28). 235 Insurance Essay Topic Ideas & Examples. https://ivypanda.com/essays/topic/insurance-essay-topics/

"235 Insurance Essay Topic Ideas & Examples." IvyPanda , 28 Feb. 2024, ivypanda.com/essays/topic/insurance-essay-topics/.

IvyPanda . (2024) '235 Insurance Essay Topic Ideas & Examples'. 28 February.

IvyPanda . 2024. "235 Insurance Essay Topic Ideas & Examples." February 28, 2024. https://ivypanda.com/essays/topic/insurance-essay-topics/.

1. IvyPanda . "235 Insurance Essay Topic Ideas & Examples." February 28, 2024. https://ivypanda.com/essays/topic/insurance-essay-topics/.

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IvyPanda . "235 Insurance Essay Topic Ideas & Examples." February 28, 2024. https://ivypanda.com/essays/topic/insurance-essay-topics/.

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20 insurance companies with the highest P&C market share

The top five insurance companies in the ranking have an average P&C market share of 6.50% as of December 31, 2023.

The combined direct premiums written by the top five was more than $312 billion.

Scroll through to see which insurance companies are in the top 20 and how they fared through the end of December 2023.

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Best Medicare Supplement Plan G Companies in 2024

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

Medigap Plan G is the most comprehensive Medicare Supplement Insurance plan that all Medicare members can buy. It’s also the most popular of these plan types [0] AHIP . The State of Medicare Supplement Coverage . Accessed Feb 9, 2024. View all sources .

Plan G covers nearly all of the out-of-pocket expenses associated with Medicare Part A and Part B, such as copays, coinsurance and deductibles. (Medigap plans sold to people who became eligible for Medicare after 2019 can’t cover the Medicare Part B deductible — $240 in 2024 — so Plan G doesn’t cover that cost [0] Centers for Medicare & Medicaid Services . Compare Medigap Plan Benefits . Accessed Feb 9, 2024. View all sources .)

Since it can be difficult or impossible to change Medigap plans after the end of your Medigap open enrollment period , it’s a good idea to choose your Medigap Plan G company carefully.

Here are NerdWallet’s picks for the best Medicare Supplement Plan G companies in 2024.

Best Medicare Supplement Plan G companies

NerdWallet compares Medicare Supplement Insurance companies based on plan availability, member satisfaction, pricing, extra perks, state footprint and more.

Best overall: AARP/UnitedHealthcare

AARP/UnitedHealthcare

AARP Medicare Supplement Insurance plans from UnitedHealthcare have low complaint rates when compared with most competitors. Some plans have several variations with different prices, wellness extras and/or network restrictions, which could make choosing a plan confusing.

M-F 9am-9pm ET, Sa 10am-9pm ET

Speak to a licensed insurance agent on askchapter.org

from askchapter.org

Plan types offered Medigap plan types the company generally offers (availability may vary by location). Options include Plans A, B, C, D, F, G, K, L, M and N

A, B, C, F, G, K, L and N.

NAIC complaint rate How often the company’s members file complaints about their policies as compared to the industry average, according to data from the National Association of Insurance Commissioners (NAIC). NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Far fewer than expected

Premium discounts available Based on the number and size of a company’s available discounts on monthly premiums, in comparison to other insurance companies.

Above average

• Offers as many as eight out of 10 plan types.
• Available in every state.
• Few customer complaints and strong third-party customer satisfaction ratings.
• Plans with health and wellness discounts may cost extra, while some competitors offer them for free.
• Plan variations and extras can get confusing.
• Network requirements for lower-cost Medicare Select plans.

Service area: 50 states and Washington, D.C. [0] UnitedHealthcare . AARP Medicare Supplement Insurance Plans for Retirees . Accessed Feb 9, 2024. View all sources .

Why we like it: AARP and UnitedHealthcare make Medigap Plan G policies widely available with low prices and few member complaints. Unless you’re looking for specific side benefits or a high-deductible Plan G option, AARP/UnitedHealthcare Plan G can be hard to beat.

» MORE: Read our review of AARP/UnitedHealthcare Medicare Supplement Insurance

Best for additional coverage options: Anthem

Anthem stands out from most other Medigap companies by offering options to add dental and vision coverage to Medigap plans. It offers only a few Medigap plan types, though, and serves fewer states than most competitors.

A, F, G and N.

Close to expected

• Mix and match dental and vision add-ons.
• Several discounts based on household and payment methods.
• Extra perks for fitness, health and wellness products and services.
• Lower-coverage plans are sometimes more expensive.
• Few Medigap plan types available.
• Available in only about one-third of states.

Service area: 14 states [0] Anthem . Medicare Supplement Plans (Medigap) from Anthem . Accessed Feb 9, 2024. View all sources .

Why we like it: If you want to roll dental, hearing and vision coverage into your Medigap Plan G purchase, Anthem is a strong option. The company’s Anthem Extras packages offer multiple tiers of dental, hearing and/or vision coverage that you can mix and match with most Anthem Medigap policies to fit your needs [0] Anthem . Anthem Extras Packages . Accessed Feb 9, 2024. View all sources .

» MORE: Read our review of Anthem Medicare Supplement Insurance

Best for high-deductible Medigap Plan G: Mutual of Omaha

Mutual of Omaha

Mutual of Omaha's household discount of up to 12% is larger than most competitors' discounts, and members file few complaints about their policies.

• Complaint rates are well below the market average.
• Available in every state but Massachusetts.
• Up to a 12% discount for living with another adult.
• Few choices for plan type.

Service area : Every state except Massachusetts, plus Washington, D.C. [0] Mutual of Omaha Corporate Communications . Email Confirmation . Accessed Feb 9, 2024. View all sources .

Why we like it: Mutual of Omaha makes high-deductible Medigap Plan G widely available, whereas many competitors offer it in fewer states. Mutual of Omaha plans get far fewer complaints than average and have reasonably competitive pricing. The pricing gets even better for applicants who qualify for a household discount of up to 12% (terms and discount levels can vary by location) [0] Mutual of Omaha . Medicare Solutions Product Portfolio . Accessed Feb 9, 2024. View all sources .

» MORE: Read our review of Mutual of Omaha Medicare Supplement Insurance

Honorable mention: Blue Cross Blue Shield

Blue Cross Blue Shield

Blue Cross Blue Shield is a collective of 33 companies. BCBS plans are available throughout the country, but plan types, prices and performance vary.

A, B, C, D, F, G, K, L, M and N.

• "Blue to Blue" program could mean easier changes to coverage in the future.
• Available in all 50 states and Washington, D.C.
• Offerings and experiences vary depending on BCBS company.
• Higher prices for Plan N.
• Cheaper Medicare Select plans have network requirements.

Service area: 50 states and Washington, D.C. [0] Blue Cross Blue Shield . BCBS Companies and Licensees . Accessed Feb 9, 2024. View all sources .

Why we like it: Blue Cross Blue Shield licensees offer Medigap policies everywhere in the country. Broadly speaking, BCBS companies offer competitive prices and have roughly average complaint rates — but because different BCBS companies serve different locations, pricing, perks and member experience can vary. It’s worth looking at the Blue Cross Blue Shield options in your area to see how their Plan G offerings compare to other top companies.

» MORE: Read our review of Blue Cross Blue Shield Medicare Supplement Insurance

Find the right Medicare Supplement Insurance plan

Because Medigap plans are standardized, you can get precisely the same Medicare benefits from any company offering the plan. So when you shop, keep these considerations in mind to find the best policy to fit your needs:

Is your preferred plan available? Health insurance companies don’t always sell every plan, so check who sells the plan you want to buy in your area.

What are the premiums? Prices for the same plan can vary between companies, so check to find the most competitive rates.

Will your premiums change over time? Most policies cost more as you age, but some companies offer policies that let you lock in a price when you sign up.

Are there extras? Medigap plans’ core benefits are standardized, but in certain cases, some companies include such perks as discount programs or gym memberships.

Here’s an overview of our top picks for Medigap Plan G:

Best overall: AARP/UnitedHealthcare Medicare Supplement Insurance

Best for additional coverage options: Anthem Medicare Supplement Insurance

Best for high-deductible Medigap Plan G: Mutual of Omaha Medicare Supplement Insurance

Honorable mention: Blue Cross Blue Shield Medicare Supplement Insurance

Note regarding NAIC complaint data: NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Medicare Supplement Insurance ratings methodology

NerdWallet’s Medicare Supplement Insurance (Medigap) ratings are based on pricing, discounts, plan types offered, complaint data from the National Association of Insurance Commissioners, consumer experience, additional perks and benefits, and more. To calculate each health insurance company's rating, we adjusted the scores to a curved 5-point scale, rounded to the nearest half star.

NerdWallet reviewed 13 Medicare Supplement Insurance companies based on highest enrollment and greatest online search volume. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best coverage and rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines and full ratings methodology for Medicare Supplement Insurance.

Insurer complaints methodology

We examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, we calculated a similar index for each insurance company, weighted by market shares of each subsidiary. We score companies based on this index of how many complaints the company receives relative to its market share. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

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Knowing the right questions to ask management on material environmental, social, and governance issues has become an important part of a board’s role. Five years ago, our research at NYU Stern Center for Sustainable Business found U.S. public boards were not fit for this purpose — very few had the background and credentials necessary to provide oversight of  ESG topics such as climate, employee welfare, financial hygiene, and cybersecurity. Today, we find that while boards are still woefully underprepared in certain areas, there has been some important progress .

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• Specifically, the final rule provides that it is an unfair method of competition—and therefore a violation of Section 5 of the FTC Act—for employers to enter into noncompetes with workers after the effective date.
• Fewer than 1% of workers are estimated to be senior executives under the final rule.
• Specifically, the final rule defines the term “senior executive” to refer to workers earning more than $151,164 annually who are in a “policy-making position.”
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• New business formation: 2.7% increase in the rate of new firm formation, resulting in over 8,500 additional new businesses created each year.
• This reflects an estimated increase of about 3,000 to 5,000 new patents in the first year noncompetes are banned, rising to about 30,000-53,000 in the tenth year.
• This represents an estimated increase of 11-19% annually over a ten-year period.
• The average worker’s earnings will rise an estimated extra $524 per year. 

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