In the latest episode of The Connected Podcast, we shine a light on embedded insurance, a groundbreaking concept that is bridging coverage gaps and reshaping the insurance industry. By drawing parallels from the past—like purchasing insurance at airports—we explore how the embedded insurance market is poised for substantial growth. Projections indicate that it could reach a staggering $1.1 trillion in global gross written premiums by 2033, equating to approximately 15% of the total market. This rapid expansion signals the need for industry players to re-evaluate their strategies.
Our conversation also delves into recent trends in the U.S. auto insurance market, where Q3 2025 witnessed a 6.4% year-over-year increase in policy shopping, slightly below the 9.4% peak in Q2. The growth was largely driven by older consumers, especially those over 66, along with significant contributions from the non-standard insurance market. With nearly half of all policies being shopped within a year, market competitiveness remains a key factor to watch.
The podcast further explores advancements in sensor technology, particularly the use of ultra-small sensors to track Monarch butterfly migrations—highlighting a shift towards a Predict & Prevent model in insurance. These compact, affordable sensors open up new avenues for risk assessment and customer engagement, offering immense potential for innovative solutions in the insurance sector.
In this episode, we've also covered the transformative role of technology in the insurance and construction industries. At the IRMI Construction Risk Conference, illumend rolled out two key innovations: Lumie, an AI-driven guide to streamline insurance compliance, and an integration with Procore to embed compliance checks seamlessly into daily workflows. These tools significantly reduce liability and boost project efficiency, showcasing AI's ability to revolutionize construction risk management.
We also discuss the new collaboration between HawkSoft and Liberate, designed to enhance operational efficiency for independent insurance agencies. Liberate's AI-driven services automate core functions such as call routing and quoting, improving client interactions and minimizing costs without requiring additional staff.
On the legislative front, we cover the American Property Casualty Insurance Association's endorsement of two pivotal bills: the Litigation Transparency Act and the Protecting Our Courts from Foreign Manipulation Act. Aiming for greater transparency and reduced foreign influence in federal legal cases, these bills could significantly impact the insurance industry's regulatory landscape.
In another engaging segment, the podcast examines the troubling link between third-party litigation funding (TPLF) and the surge in fraudulent digital tactics leading to excessive litigation. A study by the National Insurance Crime Bureau and 4WARN shows TPLF's detrimental impact on premiums and policyholders. Alarmingly, 75% of the surveyed insurance companies experienced unethical digital marketing campaigns targeting them.
We highlight how TPLF, while intended to assist those unable to afford legal battles, often results in funders selecting cases purely for profit, including frivolous claims. A case study of a $31 million trip-and-fall fraud scheme illustrates the exploitation of vulnerable individuals and the manipulation of the legal system for profit. The episode emphasizes the industry’s call for reforms, championed by Charles Symington from Big “I,” to shift benefits towards consumers with legitimate claims while educating them on the implications of litigation abuse.
In a dynamic discussion, we turn our att
