Top 5 Things Insurance Companies Need to Consider This Year

Victoria Berezhetska
Content Lead
3 minute read
Victoria Berezhetska
Content Lead
3 minute read

Many in the insurance industry sought to take advantage of new technologies, such as call tracking software and related cloud technologies.

Last year, an important consideration was also paid to major issues such as cyber crime and the effect climate change could have on insurance companies.

These issues remain on the minds of insurance firms today, even as the new year brings with it a host of other considerations, trends, and concerns. For insurance agents and carriers, staying on top of the latest industry news is critical to staying competitive and successful.

The Top 5 Considerations for Insurers

1. Insurance Technologies

It should come as no surprise that emerging technologies top the list of insurance considerations. Just this year, investments in the insurance sector reached more than $19 billion, while the global investment in the insure tech rebounded from a pandemic-related slowdown. Many insurance firms and agents have held onto certain legacy systems that are less effective or entirely antiquated.

Advancements in technology are necessary not just to update older systems, but are integral for reaching out to new generations of customers and the next wave of insurance professionals. In order to attract vital human capital, insurance businesses must make sure their systems fit the habits and skillset of younger workers.

You may like: Call Tracking for Insurance Industry

2. Customer Service

Unfortunately, people have long associated the insurance industry with underwhelming customer service. In one study, less than half of insurance customers received a satisfactory response to a service inquiry. Looking at some of the best practices to improve customer service, one of the most logical initiatives is the investment in technologies that foster a better relationship between customers and insurers.

Insurance companies can do this by collecting and leveraging data to connect with customers in a more personalized way. Communication technology, such as chatbots or an IVR for incoming calls, can also create a more satisfying experience for customers.

3. Mobile Phone Users

Connecting with customers through digital means is even more important for insurance businesses as we enter this year – and mobile phones are a significant part of that push. One way insurance companies can get themselves in a better position is by focusing efforts on creating an exceptional mobile application. Customers often give better service reviews for functional app technology than visiting a website on a desktop or mobile device.

Insurance companies that don’t offer an app will find themselves in a limited company; according to a study, 74% of companies give customers the ability to access and manage their claims using a mobile app.

4. Market Uncertainty

Insurance firms can feel cautiously optimistic about any uncertainty in the marketplace in the coming months. Reports on 2020 market conditions prognosticated that the resilience of the insurance industry will continue in the coming year.

Insurers can expect to see rate increases of close to 5% this year—though challenges may arise for auto insurers as auto collision severity has gone up but not as dramatically as in 2022. Insurers  should monitor the market conditions and be prepared to adapt should more uncertainty occur.

5. Data-Driven Predictions

Insurance marketers would be smart to take advantage of technology tools that use data to predict different outcomes from their marketing efforts. Predictive analytics lets marketing professionals utilize volumes of data from past campaigns that reveal how different changes could impact future campaigns.

You may like: 7 Reasons Why Insurance Companies Need Call Tracking Software

These practices take the “trial and error” out of marketing decisions, allowing insurance firms to make decisions based on past data. While businesses should be mindful of data regulations and follow best practices, the upside for insurance marketers to use predictive analytics is very high.

Got Questions?

Get in touch! We are available 24/7.

Victoria Berezhetska avatar
Victoria Berezhetska
Content Lead

Victoria Berezhetska is a Content Lead at Phonexa. She has a Bachelor of Science degree in Business Administration, with extensive working experience as a PR specialist and content writer. In her work at Phonexa, she covers diverse topics around digital marketing, including affiliate marketing, call tracking, lead generation, marketing automation, and so much more.

Education: City University of Seattle

Expertise: Affiliate marketing, digital marketing, call tracking, lead generation, insurance


  • 8+ years of experience in digital marketing, specializing in building customer loyalty

  • Deep B2B and B2C content expertise intertwined with strong analytical and interpersonal skills

  • Unwavering drive for growth and commitment to creating impactful content

Related Posts
Graphical representation of of an email that is designed to be loved by the recipient: personalized and well-crafted, even though sent en masse

Mass Email Marketing 101: Sending Bulk Emails Safely and Confidently

With over 360 billion emails sent and received daily, it’s impossible to imagine that every...

Read more
Building affiliate marketing email lists

How To Build Affiliate Marketing Email Lists

In affiliate email marketing, success is achieved when a user clicks on a link, lands...

Read more

Affiliate Marketing & Leadgen Lessons from Affiverse’s Lee-Ann Johnstone

Johnstone joined Phonexa CMO Talar Malakian on the latest episode of the Amplify webinar series to provide invaluable insights and practical advice for aspiring entrepreneurs and marketing professionals.

Read more
Get Your Personalized Consultation Now
Book a Free Demo