The Future Of Insurance – Post COVID 19
May 12, 2020 by Denise Garth
April 30, 2020 — As we entered this new decade at the start of 2020, industry assessments reflected a positive outlook with increased growth potential expected, despite the low interest rate environment that historically has challenged insurers. What a difference in just a short 6 weeks on the outlook for the insurance industry as a result of COVID-19. The COVID-19 crisis rapidly shifted this assessment to a “negative” market outlook, primarily due to the significant volatility and uncertainty in the financial markets and the impact of low interest rates.
Out of previous crises, including 9-11 and the 2008 financial meltdown, some insurers began to make some operational and technology changes. But these were not enough to fully address shifting customer needs and expectations or to achieve the digitization of insurance through the entire life-cycle. Then came the InsurTechs who looked at things differently – from the customer view, an outside-in view. InsurTechs introduced new products, customer experiences and business models that adapted to many of the market shifts we were experiencing.