Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Capgemini & Efma: World Insurance Report 2019

[ff_author_box_style2]

Article Synopsis :

Policyholders are ever more concerned that their insurance cover isn’t enough to protect against emerging risks, such as those posed by cyber attack or climate change, according to The World Insurance Report 2019.

 The Digital Insurer reviews Capgemini & Efma’s Report on World Insurance Report 2019

More work required for digital future

Most consumers want a cover that is more comprehensive and dynamic, changing according to their personal needs.

Despite the considerable opportunity, this presents to the industry, insurers are still behind the curve.

The reports show that insurers have been slow to respond and identify five macro trends that pose emerging risks for insurance customers and their businesses. They are: disruptive environmental patterns; technological advancements; evolving social and demographic trends; new medical and health concerns; and business environment changes.

That lack of adaptation shows in the consumer data. Fewer than 25% of business customers across all geographies (and fewer than 15% of personal policyholders) believe their coverage is insufficient to insure against any one of these emerging risks.

However, fewer than 40% of life and health insurers said they have built a pipeline of new products to cover emerging risks comprehensively. This is leading to a significant coverage gap in emerging risk areas.

The report estimates 83% of personal insurance customers have medium or high exposure to cyberattacks and the same probability of living beyond their savings. Yet, only 3% and 5% respectively are comprehensively covered against these potential outcomes.

Employee healthcare costs are going up for 81% of business customers, yet only 17% of them are well covered.

Cyber risk is high for 87% of these business customers, but fewer than 18% are comprehensively insured against attacks.

The same goes for natural catastrophes. While 75% are threatened by such events, only 22% have an effective cover.

Capgemini says that the current products are not enough to protect customers. Policyholders need to be made aware of any gaps and the industry should adopt the 3P customer engagement model – partner, preventer, payer.

This means insurers must assume a partnership role to help their customers understand the risks better. They must also take on a role as preventer in order to mitigate those risks. The role of payer continues as before, but Making that process easier will win support from consumers.

As this model more closely centres on policyholders’ lives, the brands that succeed will be the ones who engage best with consumers.

Link to Full Article:: click here

Digital Insurer's Comments

Despite all the rhetoric about digital transformation, Capgemini exposes some worrying gaps in cover but also delivery.

Insurers must up their game to make consumers understand that greater freedom in product choice comes with responsibility. They must better understand their risk profile in order to find the best product for their needs.
At least until some time AI and machine learning nails the product selection process. While that may be coming, it won’t happen any time soon.

Link to Source:: click here

Comments

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in