Our financial health research also shows that consumers across the income spectrum struggle with basic elements of resilience – weathering ups and downs, managing financial risks, protecting against unexpected changes in their financial lives, etc.- and insurance presents an opportunity to improve consumer resilience through innovative, higher-quality products and services. Additionally, in better shaping insurance products to meet consumer needs there is an opportunity for providers to raise acquisition and lower attrition rates.
In our insurance work to date CFSI has conducted an initial research scan of the insurance marketplace to learn how the insurance industry understands and serves underserved consumers. We have also created an early stage Insurance Working Group that held two meetings in 2016 to discuss the insurance landscape, innovation, and initial consumer research. We took a closer look at the auto insurance industry, and sized the spending of underserved consumers in our 2016 Market Size Study and in this brief. In 2017 we will expand our research focusing on consumer needs and insuretech, and will continue to bring together the Insurance Working Group.