Fintech Today curates the latest news and trends in the financial technology industry. Specifically, we’re looking at how insurers can be resilient in these turbulent times. From intensifying weather systems to COVID-19 not to mention today’s market trends, the ways in which insurance companies understand their customers, markets, and business model is changing rapidly. Read on to see how some insurers are future-proofing their businesses.
REMAINING RELEVANT IS MADE POSSIBLE BY ENABLING RESILIENCY
The impact of COVID-19 has been anything but subtle on the insurance industry. However, by enabling resiliency insuretechs stay relevant and positioned for success. “The insuretech movement is positioned to not only maintain relevance since the outbreak of COVID-19 but accelerate as a result of it,” explained Michael Wilson, senior director of Marketing at Cognizant. “As digital transformation outcomes shift to prioritize resiliency and agility, insuretech offers services that are quick and accurate while allowing customers to have control over policies and access to agents from the comfort of their own homes.”
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BY FOLLOWING MARKET TRENDS, INSURERS STAY RESILIENT
The emerging pet insurance vertical is one of the biggest trends in the sector today. “The pandemic prompted many people to prioritize insurance to protect their families, furry companions included,” explained industry expert and Chief Digital Officer, Chris Blatchly of Cognizant. “Prior to the pandemic, today’s pet owners were already recognized for spending more time and money on their pets and even willing to make financial trade-offs to afford quality pet care. COVID-19 has further instilled the importance of pets as well as the great lengths owners will go to in order to protect these important family members.” By staying abreast of today’s market trends like pet insurance, and using them to propel business, insurers can be resilient. Read the full story here.
THE INSURANCE INDUSTRY CAN HELP BUILD A MORE RESILIENT WORLD IN THE WAKE OF COVID-19
Those in the insurance industry have a unique opportunity to positively impact other sectors, others in the industry, and customers using perspectives on human instinct, awareness, and collaboration. “As the reality of the devastation wreaked by COVID-19 dawns, it should serve as a rather expensive lesson which spurs us to manage this type of systemic risk better in the future. And we – as an industry – need to work harder and smarter to change our offerings relating to high-risk but low-probability events,” explained Moses Ojeisekhoba, CEO, Swiss Re.
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