While auto and home insurance is just one specific area of the insurance landscape, it’s a reflection of the journey the entire industry has been on for many years, driven largely by huge investments in advertising and demand for faster quotes, cheaper premiums and better customer experiences.

Despite the glitz and glamor of the latest Super Bowl insurance ad, the infrastructure supporting the entire industry is at an inflection point. The pandemic accelerated investment in improving digital insurance experiences, but there are still large-scale problems facing insurers, solutions providers and ultimately the insured themselves. Customer acquisition costs in the space remain high, and the lack of sophisticated analytics tools creates blind spots in risk modeling and selection as well as forces customers into coverage they may not need. Underwriting is often still performed manually, leading to long wait times that fail to deliver value to customers.

Brand loyalty and trust has always been hard-earned, and just as often short-lived, in insurance. That’s why it’s critical for insurance technology companies to create and embrace a new perception: that insurance doesn’t have to be a necessary evil. With the right tools, people and partners, they can forge a new path toward customer loyalty, innovation and profitability.