How The COVID-19 Pandemic Is Upending The Insurance Industry

The COVID-19 pandemic is giving US insurers a run for their money.

With millions of Americans stuck at home, customers have both the time and motivation to shop around for better insurance deals.

According to Business Insider, price is the biggest driver for US consumers who decide to switch their insurance provider.

Of the US property & casualty insurance customers who changed their insurer in the last 12 months, 58% cited the cost of coverage as the principal reason.

Likewise, 40% of customers switched life insurance providers due to price dissatisfaction.

And as they tend to offer lower prices, full-stack insurtechs such as Lemonade pose a growing threat to incumbents' user bases.