Insurance: some positivity arising from the COVID-19 crisis

Most importantly, the customers:

  • Ease of communication
  • User driven experience
  • How to create a unique proposition
  • How to retain them
  • How to protect their personal details and privacy
  • What is the value we deliver to them

Where is all of this heading as the industry evolves?

  1. Business model evolution as firms take more control over costs, working culture and use of technology without sacrificing commercial competitiveness. Do more with less.
  2. Capital preservation is a key element in current insurers’ strategy — either organically or by dipping into financial markets, also enhancing ALM in the process.
  3. Refocus on asset management performance by adjusting to current macro and financial markets performance while hunting for yield and enhancing risk/return equilibrium. (via ESG, investments in private markets and others)
  4. Risk — understanding, qualifying, measuring and managing is going through evolution — driven by the industry as well as regulators.
  5. Doing what’s right for customers — whether refunding some policy fees for car insurance, evaluating policy accuracy and others and in general taking a much more commercially proactive approach in a competitive landscape where fighting for clients isn’t mundane but rather an imperative.



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