Over the years, the risk landscape has been evolving, business dynamics have been changing, and customer preferences have been in flux. We discussed these changes in detail in the latest editions of the World Insurance Report and World InsurTech Report.

The evolving business landscape

The black swan event COVID-19 posed – on the one hand, a life and health threat and, on the other hand, imposed lockdown for everyone, forced us to reinvent business routines. And, for everything impacted by COVID-19, there was a residual effect on associated insurance policies.

Insurers that believe COVID-19 has impacted customer engagement, %

Uncertainty forces us to focus on critical priorities. The incumbents and InsurTechs we talked with were in sync about key focus areas

in a post-COVID-19 world. Both established insurers and InsurTechs are prioritizing crisis-proofing processes as well as the digital experience.

Incumbents and InsurTechs align on the importance of key focus areas

With robust digital expertise and a wealth of customer data, BigTechs have set the tone for defining the CX north star. Policyholders who are used to superior customer experiences from BigTechs are even willing to purchase insurance from them.

The COVID effect? Customer willingness to purchase insurance from BigTechs is on the rise