Digital Trends in The Insurance Industry
The Covid-19 pandemic has ushered in ample opportunities by accelerating the digital transition of tasks that were once considered mundane.
April 25, 2021
7:42 pm
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The Covid-19 pandemic has ushered in ample opportunities by accelerating the digital transition of tasks that were once considered mundane.
Singlife entered the local market in 2020, around the same time the World Health Organization declared the COVID-19 outbreak a global pandemic. Apart from its economic impact, people also feared the expensive medical bills that came with contracting the virus. Armed with advanced insurance technologies, Singlife Philippines quickly pivoted its launch plans and offered Cash for Dengue Costs with a FREE COVID-19 cover.
Increased use of video-based telematics in the commercial fleet space, as well as the evolution of car subscription services, are just two ways in which the Canadian insurance market could change over the next few years.
The Hartford CEO Christopher Swift expressed confidence that the property/casualty insurer has weathered the worst of the COVID-19 pandemic and that related concerns about business interruption claims have become minimal.
The shift towards an asset-light global economy has been described as transformative by HX Analytics managing director David Flandro, in a Howden report that highlights the rise of intangibles and the subsequent challenges this brings to re/insurers.
The insurance industry has been developing fast in the past few years. Companies have been focused on growth and increasing their Gross Written Premiums (GWP), but are facing increasing challenges such as tough competition, a low interest rate environment, growing customer expectations and regulatory scrutiny.
COVID-19 has placed insurers of all shapes and sizes before a host of unaccustomed challenges. But as vaccines are rolled out and we move beyond the acute phase of the pandemic, there are increasing opportunities on offer as well – where insurers can play a role in addressing the pain points that consumers and businesses face in the new normal.
In our newly released webinar, The Principles of Claims Efficiency, FRISS and co-founder Christian van Leeuwen teamed up with Karen Mican, Chief Claims Officer at RSA Canada, and Ben Allen, co-founder and CTO at Laka, to answer some of your most pressing questions on claims efficiency.
The increased amount of data cloud providers can provide as more information moves to the cloud will help underwriters write cyber risk and their policyholders in turn, say insurers and a cloud provider.
The pandemic has changed a lot of things — online shopping, at-home entertainment, work arrangements, take out and food delivery — and telemedicine.
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