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Digitization In Deathcare

Columbia Business School - the Eugene Lang EntrepreneurshipCenter

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By Caroline Capponi

For the past several years, deathcare has been going digital. The pandemic has accelerated this ... [+]

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Several trends have been dramatically accelerated in the wake of COVID-19:

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These desires and needs are increasingly being met through technology,shaking up an industry projected to reach revenues of $68 billion by 2023 inthe U.S. alone. Investors are beginning to take notice as this behemothmarket is disrupted by a growing number of startups popping up in thespace.

This trend has resulted in an explosion of unique productsand services that reect the passions and hobbies of theindividual who has died.

Cremation rates, which were already on the rise due to burial plotprices and scarcity, surpassed traditional burial in 2015 andskyrocketed during the pandemic. Barbara Kemmis, executivedirector of Cremation Association of North America indicated, “Insome areas, particularly in hotspots, the number of cremations hastripled or quadrupled," and added that crematory machinemanufacturers in her group report unprecedented sales and can'tkeep up with demand.Consumers are seeking to honor those they’ve lost in more personaland meaningful ways. Families view commemoration as a valuablepart of the grieving process and crave meaningful options that reflecthow unique their loved one was. This trend has resulted in anexplosion of unique products and services that reflect the passionsand hobbies of the individual who has died. Pre-planning, or planning for death in advance of actually dying, isalso on the rise. During the pandemic, individuals in youngergenerations face death more directly than they otherwise would. Anincreasing number believe that preparing for the inevitable inadvance is pragmatic, and they are looking for options to plan theirown passing and service, or a family member’s, to both relievepressure on their family and ensure it will be as unique as theindividual being remembered.

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Funeral homes, previously mom-and-pop shops that marketed only through word of mouth, are beginning to go virtual. Consumers who previously  would phone a friend to ask for recommendations can now go online andlook through funeral homes and cremation services in their area. Traditionalservices increasingly integrate memorial videos with photographs to maketheir services more meaningful. Funerals can even be live broadcast toaccommodate those who cannot travel or mourn together due to location orpandemic restrictions.

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From a back-end perspective, software companies like Passare andFrontRunner, which simplify funeral home operations, are growing asfuneral homes increase their need to operate more efficiently to keep up with personalization demands. As the need for efficiency increases, so doesthe need for digital tools that streamline operations and keep thingsorganized.

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