The pandemic is changing the way leaders interact with their workforce, how different teams work together and the core technology that makes it all possible — what other shifts are on the horizon?
Oliver Ralf in the FT 1st July, 2020
Ralf points out the opportunities that changing work habits have for new products and services and innovation. He continues: -
"There are concerns, though, that the insurance industry will not react quickly enough to what business customers need. That is partly because insurers are dealing with huge payouts related to the coronavirus crisis and prices are rising — known in the industry as a “hard market”."
Whilst incumbent insurers focus on these challenges it leaves the digital door open for disrupters to seize the day.
Interesting times!
Mr Aubert at Willis Towers Watson says insurers may not be very flexible at the moment. “Clients need more capacity and innovation in solutions at a time when the market is hardening and the market is reducing its capacity . . . [that] is not going to motivate insurance companies to rapidly innovate.” Recommended Special ReportWorking From Home Hybrid working sets new challenge for collaboration This could create an opening for so-called insurtech companies to make inroads into the commercial insurance market. Over the past few years, a wave of new insurance companies have been launched with plans to use data, artificial intelligence and online distribution to grab market share from slower-moving traditional incumbents.
https://www.ft.com/content/02ac2562-aa65-11ea-abfc-5d8dc4dd86f9
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