Capgemini recently released its World Insurtech Report for 2020, in which a major theme was that insurers must turn their focus to meeting the digital needs of customers as big technology firms and non-traditional players continue to enter the insurance space.
Forty-one percent of American adults feel that the COVID-19 pandemic has changed how their family handles finances and nearly one in four (22%) will consider increasing their life insurance coverage this year, according to a recent survey by disability income provider group Unum.
S&P Global Ratings states that, issuing green or sustainability-linked hybrids helps banks and insurers spotlight their environmental, social, and governance (ESG) strategies, but investors are still exposed to the risks of the broader businesses.
The COVID-19 pandemic is a “defining moment” for the insurance industry in that it has illuminated insurers’ inefficiencies in both their inward and outward facing digital capabilities.
The 2020 Risk Maps report published by Aon in partnership with the Risk Advisory Group and Continuum Economics has revealed that the COVID-19 pandemic will likely transform the geopolitical landscape and have profound socioeconomic implications.
With many economies reopening, economic capacity utilisation has rebounded to above 90% of pre-crisis levels as per recent insights from Swiss Re Institute (SRI) economists.
A global survey carried out by ORX, an operational risk association for the financial services industry, over 160 senior risk professionals from banks and insurers has revealed that the risk landscape look nothing like what they had expected it to be in 2020 due to the coronavirus.
The insurance sector has a long history of relying on paperwork, and the balance between automation and human contact has been grappled with for several years – however, according to FinTechNZ members, the ongoing pandemic has highlighted the areas which would most benefit from change.
The rise in remote working due to the COVID-19 pandemic will increase the risk of cyberattacks, giving insurers an opportunity to improve their cyber insurance penetration rate, according to analytics firm GlobalData.
The COVID-19 pandemic has led to high unemployment levels globally and this means that insurance providers will struggle to convince policyholders to keep policies, said data and analytics firm GlobalData in a recent commentary.