Covid response, AI, Cybersecurity, Trust - Digital Insurance Library update

Published: Tue, 05/12/20

The Digital Insurance Library Update

Pádraig Floyd

Digital Insurer Library Editor

padraig.floyd@the-digital-insurer.com

This month in the Digital Insurance Library, our featured report looks at the insurance industry’s global response to the coronavirus pandemic.

Insurers are well used to dealing with major catastrophe, but the unprecedented nature of the pandemic has highlighted the different approaches taken across different jurisdictions.

Some of these differences are cultural, in some cases reinforced by government policy. Extending free life cover to existing policyholders will be seen as a major benefit – and won’t be forgotten quickly.

In more developed markets that have high levels of penetration of products such as business continuity, insurers have been roundly criticised for their inactivity, or lack of support offered to businesses.

Most policies simply didn’t cover the risks associated with a pandemic. Others only kicked in after governments ordered businesses to cease trading. However, in a economy where livelihoods are at risk and everyone is feeling the pinch, insurers were an easy target for blame.

This may result in intervention from regulators who will expect some claims to be settled whether there was sufficient cover in place or not. This may have serious consequences for insurance as a whole, and its ability to assess risk in the future.

Ultimately, the pandemic has reinforced the need for increased digitalisation, and in the reputational stakes, there were clear winners and losers.

Those who have made inroads into digitised claims and customer support will have won the battle for hearts and minds. They dealt swiftly and seamlessly with consumers, and showcased their talents as others spent weeks catching up with the backlog or struggled to deal with the infrastructure of a remote workforce.

Alongside the main Coronavirus paper from KPMG this edition includes reports on:

The role of the part time insurance agent (Coverager)
The use of AI to achieve dynamic pricing (IBM)
Digital engineering architecture (Cognizant)
The role of consumer trust (The Geneva Association)
Cybersecurity (McKinsey), and
Three surveys, looking at insurance in South Africa (KPMG), Australia (KPMG) and globally (EY).

See you next month.

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Featured Report

KPMG: COVID-19: the global insurance response

This month’s featured report is one of a number produced by KPMG into the impact of COVID-19 on the global insurance industry.
They have produced a massive amount of data, so we are focusing on a specific, short report that looks at the impact of the pandemic and the consequences it will have on the future of insurance.

IBM: Dynamic pricing with AI syncs insurers with market realities

Geneva Association: The role of trust in narrowing protection gaps

EY: 2020 Global insurance outlook

KPMG: General insurance industry review

Cognizant: Digital enterprise architecture

KPMG: The South African insurance industry survey

McKinsey: Cybersecurity

Coverager: The part-time agent

Latest updates from across TDI

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On Thursday, 28 May 2020, 12:30pm (HK/SG time) join us for this webinar at the launch of the Singapore FinTech Association (SFA) InsurTech Sub Committee to find out latest plans, get an overview of the InsurTech landscape in Singapore and globally, and hear from industry experts in a lively and interactive panel discussion.

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In the latest edition of the LatAm Quarterly, available in both English and Spanish, Rodrigo Alfonso, TDI's LatAm News Correspondent, presents points of view from South America on how the insurance industry is transforming in the digital age, and how it is reacting to Covid-19.

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Over the last four years we have had more than 20,000 people register for over 60 hours of live events on digital insurance and InsurTech innovation. To help us continue to innovate these virtual events and webinars we recently conducted a member survey to get your feedback. Read what we learnt and how we aim to adapt as well as how to sponsor a virtual event.

Learn more here

6. TDI Point of View : Disruption and Transformation – Insurance in the year 2030

The insurance industry is at an inflection point, and in the next ten years it will disrupt and transform itself into something very different from today...

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