COVID-19-related changes have dominated insurance news in recent months. Shifts in industry dynamics that were already in play prior to the pandemic are now coming back into the headlines.
In this month’s Insurance News Analysis, Natalie de Freitas and I discuss some of these shifts along with how the industry continues responding to the latest impacts of COVID-19:
- M&A moves signal both a continuing trend toward consolidation in the industry and the strategic expansion of customer segments
- AI and IoT are increasingly being used to assess damages and improve the claims experience for customers
- Insurers may need to offset potentially enormous losses from COVID-19-related claims through rate increases and new products
Recession has also been in the news. Ravi Malhotra, Tim Hoying and I just published our report on the topic: Strategic Plays for Recession Recovery. In it we examine time-tested strategies insurers used to emerge stronger from previous recessions.
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Disclaimer: This document is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals.