COVID-19 heightened coverage demand and created opportunities for new players
COVID-19 accelerated demand for insurance protection. But, in a departure from the past, policyholders now seek coverage from various non-traditional players, including InsurTechs and BigTechs. Policyholders are gravitating towards insurers that offer better “CARE,” where Convenience, Advice, and Reach are at the heart of designing and evaluating the effectiveness of their customer journey.
Customers’ long-term intent to purchase insurance rose by ~7% across P&C, Life, and Health as an aftermath of the pandemic. We discussed these changes in detail in the latest edition of the World InsurTech Report.
Customer propensity to buy insurance heated up (May–Nov 2020)