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Insights |
Impacts for insurance |
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- Increased use for shopping, entertainment, financial services, fitness, education and more
- Surveys found the majority of consumers using digital channels intended to continue after COVID-19
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- Consumers expect better digital experiences from insurers
- Increasing acceptance of electronic policy documents
- Shift towards on-demand ownership of assets and services
- Opportunity to adapt insurance offerings to the digital environment
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- Increased virtual meetings
- Reduction in air travel
- Reduced use of public and shared transport and higher use of private vehicles
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- Reduced use of vehicles affects demand for motor insurance
- Higher miles driven and/or driving at higher speed affects claims
- Changes in driving behaviour can lead to new products and partnerships
- Working from home could increase exposure to cyber risk due to weaker security in home set-ups*
- Opportunity to offer flexible, needs-based mobility insurance for emerging risks
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- Shift to value-based purchasing
- Consumers experimenting with lesser-known brands
- Preference to buy from local shops and producers
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- Insurers need to adapt to changing customer experiences and expectations
- Bundling additional services with core insurance
- Opportunity to embed insurance in the purchase experience
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- Increased awareness of health and well-being
- People adopting healthier lifestyles and focusing on fitness
- Increased awareness of and focus on mental health
- Greater focus on nutrition to build immunity
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- Increasing demand for insurance protection
- Use of digital channels to issue health insurance policies
- Opportunity to launch COVID-19-specific products (i.e. mental stress)
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- Spike in divorce rates
- Rise in pet adoption across geographies
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- Increasing protection gaps
- Opportunity to meet higher demand for pet insurance
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