Cogitate Technology Solutions explores how socio-economic, global and even environmental factors that will reshape P&C insurance in the coming years in addition to the technological shifts.
The future, though unpredictable, can yet be prepared for. In a previous blog post Wholesale NHL Jerseys China , we looked at how the face of property and casualty insurance has changed. In this post, Cogitate Technology Solutions takes a look at the mega-trends that will shape the metamorphosis of the property & casualty insurance industry in the next decade:
Social buying: Traditionally, there have always been intermediaries between insurance providers and their customers. It was the role of these agents to understand consumer and business needs, followed by matching and personalizing insurance solutions to these needs.
However Wholesale Hockey Hats , with the increased reach of the internet, mobility and the onset of social trends, supplementary direct sales channels have emerged as customers begin to show a definite preference for buying directly from their insurance providers. The speed, convenience and accessibility that is offered by direct sales offers wider geographical reach and an opportunity to sell to new customers 鈥?especially the elusive millennials. The biggest advantage Wholesale Hockey Shirts , however, is the opportunity for insurance providers is to offer their services wherever customers demand.
Although. insurance companies will continue to depend on the agents as advisors and as a sales channel. the social trend will subsequently also give this role to their customers鈥?as network of 鈥榮ocial advisors鈥? Insurance companies are predicted to face challenges from self-insuring online communities and influential social networks as group insurance channels. Insurance providers that tailor offerings across all their lines to address such scenarios and build capabilities across multiple digital platforms will find themselves rising to the challenge.
Climate change: The insurance industry has historically handled low frequency natural disaster such as earthquakes and tsunamis well. However, as the frequency and severity of calamities like unseasonal cyclones, hurricanes Wholesale Hockey Hoodies , floods and fires increase each passing year, the property casualty insurance software is struggling with underwriting these risks, largely due to unavailability of data for assessing risks.
P&C insurers need to arm themselves with new monitoring and sensing technology, hyperlocal weather data and new mechanisms for transferring risks. Solutions such as more investment in renewable energy resources will also affect insurance houses as they are pressed to come up with innovative offerings to share risks. Protected by sophisticated risk modelling and innovative ways of risk transfer or sharing Wholesale Hockey Jerseys , insurance companies will have a chance at combating the twin challenge of sky-rocketing prices and reduced capacity.
Emerging Markets: The interdependency of world economies continues to increase, and the trend is here to stay. The attention shift towards prolific wealth creation in emergent markets coupled with the effects on developed economies of the 2008 financial crisis will play a key role in all domains. Emerging economies continue to witness increased consumption fueled by the rise of the middle class in developing nations. Add to this the greying population of mature economies while the growth of 鈥榚arning鈥?population continues to rise vs the 鈥榙ependent鈥?population in developing nations.
The momentum shift from the dominant developed nations to the productive growth of emerging economies is a reality that property-casualty as well as other insurance providers will do well to prepare for. Especially for business lines, as customers look at newer markets, any inability to stay in step with their needs will put current relationships at risk.
NEWS
Thema drucken
18.07.2019 03:02
Antworten
