The opportunity for the insurance industry

Consumers’ relationship with insurance companies is more ripe for change than ever. Older adults are living longer and redefining aging in this country, seeking to receive healthcare services (as much as possible) in place. Demographic changes have created a generation of middle-aged adults–the sandwich generation–simultaneously caring for their aging parents and their growing kids and needing more help. Healthtech, healthcare at home, and value-based care trends are giving rise to new consumer experiences in care - many with the promise to decrease cost and improve quality of life. COVID has accelerated consumers’ relationship to technology, with many expecting more ubiquitous digital experiences, more personalization, and more convenience. New insurtech entrants are redefining consumers’ expectations and how data can change the game. And AI–with the zeitgeist of ChatGPT–is unveiling the AI revolution that’s already taking place and poised to upend digital experiences and the work that goes into creating them.  This is a moment filled with profound opportunities to reimagine how caregivers get served and supported.
Insurance has long-served as a central institution serving consumers’ care needs - enabling them to protect against catastrophes, like accidents, and helping them build wealth to realize their family’s long-term goals. It's time to step beyond help in a care crisis to a deeper relationship in how care is supported in their everyday lives.
In June of 2023, The Holding Co. and McKinsey & Co. conducted an extensive 5,000+ consumer insights survey to understand the behaviors of today’s caregivers across a range of demographics, care types, purchasing power, and spending habits. This survey is representative of the U.S. population and the highlights of the survey are shared in the big ideas pages below. More details about the survey can be found here.

Entrepreneurs and innovators are already building new insurance models to better serve the needs of families by:

expanding offerings from an individual to a family-focused approach.
adopting vertically integrated provider-payer-delivery models.
offering care services that transform insurers into partner models rather than just payers.
enhancing the overall claim experience through digitization.

examples of care insurance startups that are paving the way forward:

Download the full insurance fact pack

This fact pack contains our 2023 survey data about the care consumer and the three big insurance ideas.
Fact Pack

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