Covid-19 pandemic and insurance industry

Covid-19 pandemic and insurance industry

With the advent of the Covid-19 pandemic, the insurance industry has experienced a total realignment in its’ priorities, putting the health and safety of employees and telematic networks at the top. According to the World InsurTech Report 2020 published recently by Capgemini and Efma, insurance companies must explore new ways to build skills that allow them to meet the digital needs of customers, while BigTechs and non-traditional operators are making space in the insurance sector. To remain competitive, companies need to improve in high-impact areas, including customer centricity, intelligent processes, product agility and an open ecosystem. COVID-19 has had a differing impact in the various sectors of the insurance market: insurance coverage in the life and health sector has experienced a surge, while those relating to travel and cars have recorded a decline.

From the World InsurTech Report 2020 it also emerges that the desire to collaborate is increasing among operators in the insurance sector.

Companies must focus on their core competencies and offer better added value through hyper-personalization and continuous innovation.

#insurtech #insurance #bigtech

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