Insurance

Insurance is a unique tool that can help people weather unexpected shocks and build financial resilience, a fundamental part of achieving financial health. Through our research, CFSI provides insight into current industry trends and emerging innovations to meet the needs of underserved consumers.

Understanding Insurance and Financial Health

In our insurance work to date, CFSI has uncovered several key findings:

 

  • Consumers across all income levels struggle to manage financial risks and build resilience.

  • Despite recognizing the importance of insurance, price sensitivity leaves many consumers underinsured and unprotected from financial shocks.

  • Consumers often don’t know how much insurance coverages they need.

  • The rise of insurtech (insurance technology) has the potential to improve efficiency for carriers and reduce costs for consumers.

Insurance Data Spotlight

How confident are you that your household’s insurance policies will provide you with enough support in case of an emergency? Please consider the amount of coverage you have for your health insurance, vehicle insurance, home/rental insurance, life insurance, and disability insurance.

Source: Insuring the Way to a Financially Resilient America

Insurtech Boom: Capital investment has grown 60 percent per year since 2012. Source: CB Insights

Why Financial Health Matters to Insurance Providers

The insurance industry is going through an exciting time of innovation, growth, and transformation. Incumbent and startup providers both have the opportunity to look holistically at a person’s financial life to understand how insurance products can best support them. By doing this, they will attract more loyal customers.

How CFSI Can Help

Taking a consumer-focused approach to insurance, CFSI has conducted research on the insurance needs of mass-market consumers, current products and services available to meet these needs, and the biggest insurtech trends. Through this research and our Financial Health Network, we identify tangible ways to improve insurance products and services for the financially struggling.

Additional Research Topics

Financial health depends on a complex set of factors and circumstances. That’s why CFSI produces research in a variety of areas impacting our financial lives.

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