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Insurance/Benefits Trends, Business Types in Northeast Region

Delivered January 23, 2020. Contributor: Heather B.

Goals

To gain a better understanding of insurance and benefits trends specific to the Northeast region (specifically in Boston; Worcester, Mass; Burlington, Vermont; Providence, Rhode Island; Hartford, Connecticut; and Albany/Buffalo area New York) to focus on researching a mix of locally concentrated media publications (Boston Globe, BostInno, Burlington Free Press) with the key data points of: What are the market trends in each area that impact insurance needs? That impact benefits needs? in order to inform NFP, a leading insurance and benefits broker, who wants to stake a larger presence in the Northeast.

To identify prominent types of businesses based in each area and understand the challenges, pain points, and unique types of coverage that are needed for these businesses in order to tailor their insurance and benefits services and serve as a great partner.

Early Findings

Our initial research on insurance/benefits market trends and prominent business types in the Boston area revealed insights. Here are key pieces of information we found:

Insurance/Benefits Trends and Prominent Business Types in the Northeast Region

Boston:

  • A recent insurance and benefits trend that is impacting the Boston area is the increasing use of technology that is disrupting the traditional insurance industry. Social media has altered the way the industry advertises, big data has transformed underwriting, and drones are affecting claims processing.
  • One business that recently launched in Boston called Brewer Lane Ventures is capitalizing on this recent trend by investing in technology that can support traditional insurance companies and data analytics that benefit the insurance industry.
  • A recent market trend in the Boston area that impacts insurance and benefits needs is increased real estate construction.
  • Another recent market trend in the Boston area that impacts insurance and benefits needs is increased employment growth that is driving the need for more commerical office space.
  • The most prominent type of business that is based in the Boston area is in health care and social assistance. Four of the ten largest employers in Boston are hospitals: Massachusetts General Hospital, Brigham and Women’s Hospital, Boston Children’s Hospital, and Beth Israel Deaconess Medical Center.
  • Professional, scientific, and technical services, which covers a variety of industries including computer systems design, scientific research and development, management consulting, architecture, and law comprises the second largest share.

Proposed next steps:

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