Library: Insurance Times – Using data to address underinsurance post-pandemic – Aviva
Executive summary :
Many businesses have changed the way they operate because of restrictions caused by the COVID-19 pandemic, yet few have updated their insurance to reflect those changes, says Tony Leonard Aviva’s head of trading, west region.
Adapting to change may leave gaps in cover
UK businesses have shown resilience and real agility to diversify in response to the COVID-19 pandemic. However, these bold decisions can impact both risk and insurance requirements. Increased digital adoption, whether to enter new markets or reinventing business operations, makes having the right insurance cover is central to ensure businesses can continue to evolve with confidence.
While many companies have had to make some sort of change to their business models over the last 18 months, it is a concern that only 20% of UK SMEs have updated their insurance policies to reflect changes in their operations.
And while 98% of UK businesses use some form of digital platform, one in five business leaders do not think they are exposed to cyber risks. The interconnected nature of risks that businesses face means insurers play a significant role alongside brokers in educating clients on the risks they face, assisting to build resilience and importantly, ensure clients are sufficiently protected.
Data is helping to protect customers
Data provides the opportunity to inform the way we look to address underinsurance. With data at the core we undertake real time assessments for every commercial customer to identify areas of underinsurance, whether sums insured, limits of indemnity or wider potential coverage needs.
This is supported by the provision of automatic quotations for additional lines of cover point of renewal aligned to our trading philosophy to underwrite all of our customers insurances, something that has never been more important than today’s complex risk landscape.
We also offer portfolio level reports to provide trends and actionable insights aligned specifically to broker accounts held with Aviva, to ensure a proactive approach to potential poor claims outcomes before they happen.
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