Like many industries, insurers made fast and dramatic changes in response to COVID-19 to keep operations running smoothly and customers supported. With vaccinations hinting at a return to “normal,” it’s a perfect time to do a data-driven post-mortem on how insurers responded to the pandemic. What actions were taken, what were the lessons learned and…
Beyond obvious restrictions on everyday life, the most pervasive impact of the coronavirus pandemic has been the shutdown, total or partial, of wide swathes of the UK and global economy. The nature of doing business has radically changed, and so too has business insurance. In our earlier entry on personal lines, we pointed out that…
My first three blogs on Accenture’s survey of over 22,000 European insurance consumers showcased how their expectations have rapidly changed. Their appetite to engage with insurers through digital channels has rocketed, while demand for personalised services has surged. Propelled by the impact of COVID-19 on driving behaviour, the growth in consumer demand for personalised automotive…
Insurance companies are finding innovative ways of mitigating risks by re-inventing insurance offerings. This prevention-based approach creates more positive and profitable outcomes. In this month’s Insurance News Analysis, Abbey Compton and I discuss ways insurers are working to mitigate losses. Amid a long-standing shortage of home healthcare workers, long-term care insurance is changing. Insurers are…
