Welcome to The Connected Podcast, where we delve into the dynamic realm of news and events within the insurance ecosystem. In this insightful episode, we explore the rapidly evolving interplay between technology and mobility, offering a forward-looking perspective on significant shifts anticipated by 2035. Forecasts predict that the global mobility industry will escalate from a value of $389 billion in 2023 to a staggering $1.1 trillion by 2035, driven predominantly by digital services. Innovations such as advanced driver-assistance systems (ADAS) and electric vehicle charging stations are poised to be pivotal growth catalysts, expected to expand at an average rate of 25% annually, ultimately contributing $610 billion in revenue.
Diving deeper, we unpack critical insights from Matteo Carbone, the founder of the IoT Insurance Observatory, who emphasizes the necessity of comprehending diverse market structures for the successful implementation of embedded insurance. A one-size-fits-all approach is cautioned against. Meanwhile, in Texas, the home insurance market faces upheaval as major insurers like Progressive retreat in response to escalating weather-related disasters. Hurricane Beryl, in particular, has intensified insurers' reluctance to operate within the region.
In a remarkable nod to innovation, we shine a spotlight on Near Space Labs, a startup revolutionizing insurance claims processing through their AI-enabled Swifts, or cameras aboard stratospheric weather balloons. These devices offer a groundbreaking approach to damage assessment post-disasters, delivering high-resolution imagery swiftly and significantly reducing costs compared to traditional methods.
Our exploration continues with intriguing findings from ClientCircle's extensive decade-long analysis of insurance customer sentiment. Studying nearly 4,000 insurance agencies and 3.8 million consumers, the research reveals that consumers prioritize strong relationships, effective communication, and reliable service over pricing. Noteworthy takeaways highlight how excellent service quality translates directly into customer loyalty, whereas subpar service results in dissatisfaction. Interestingly, price did not emerge as a major satisfaction influencer, suggesting that agencies could benefit more from enhancing service quality rather than resorting to cost-cutting measures.
The financial advantages of customer satisfaction become evident as content clients purchase an average of 17% more policies, illustrating a direct link between satisfaction and agency revenue. Additionally, we bring you highlights of upcoming events shaping the insurance sector, such as Insurity's Excellence in Insurance Conference, featuring a leadership panel on the future of P&C insurance in the face of regulatory changes and emerging technologies. Another noteworthy event is Athenium's IQA 2025 Conference, concentrating on innovation in quality assurance within the industry.
Further insights cover Agentech's venture into AI with Agentic, co-founded by industry veterans Robin Roberson and Alex Pezold. With $3 million in seed funding, this platform aims to revolutionize insurance adjudication processes by automating tasks with advanced AI, boosting efficiency and satisfaction among claims handlers. The episode underscores technology's growing role in transforming the claims process.
This episode also highlights emerging trends and partnerships. A pivotal focus is the impact of Generative AI (GenAI) in reshaping the industry, as revealed by a survey conducted by SAS and Coleman Parks Research. Industry leaders eagerly anticipate GenAI's potential to enhance customer satisfaction, cut operating costs, and improve risk management, although concerns around regulatory preparedness and AI oversight persist. Notably, over a quarter of respon
