Surmounting Emerging Risks

The insurance industry has reached a critical point and must now decide which capabilities to develop and how, in order to effectively manage the evolving risk landscape. A synergistic approach to developing critical capabilities and technology tools will help insurers effectively navigate emerging risks and better meet customer expectations.

Customer Willingness to Collaborate

Customers are increasingly willing to share data and pay extra for better risk prevention services. Among individual customers, customers with comprehensive coverage and tech-savvy customers were more willing to collaborate with insurers and share additional data. While business customers overall are more willing to share data and pay extra fee for personalized risk control and prevention services, this is especially so for large businesses and those with high awareness of emerging risk coverage in existing policies. A clear opportunity exists for insurers to improve collaboration with customers – both individual and commercial – by increasing their awareness of emerging risks and policy coverage.

 

World Insurance Report 2019

As new risks are impacting the insurance landscape, the World Insurance Report 2019 from Capgemini and Efma explores the opportunity for insurers to develop new, technologically-advanced products to provide comprehensive risk coverage and better manage shifting customer expectations.

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