SSP publishes: After the shock - Insurance in 2021 and Beyond report
Emerging trends are shaping the landscape of the personal, SME and commercial insurance segments in a post-COVID world.
This 32 page report includes specific commentary on:
Personal Lines: Winning and keeping the digital-native customer - Historically, personal lines insurers have competed almost exclusively on price. This is changing.
There is a notable shift towards a customer-centric approach that does include presenting a competitive price but also goes far deeper, delivering an end-to- end digital experience that continually adds value to the customer’s life using smart technology.
SME insurance: Servicing the modern-day business - In the face of a challenging and changing landscape, SME insurance providers are faced with the task of providing relevant cover to businesses that have – in many cases – seen significant cashflow shortages throughout 2020. Add to the mix the fact that InsurTechs are making increasing inroads into the market and we have an environment whereby SME insurance brands are struggling to see the wood for the trees.
There are a few trends that I can see emerging which will help to provide innovative insurance organisations with a competitive edge.
Commercial lines: Data, expertise and a hardening market - Complex commercial insurance promises the greatest gains (high premiums) but also carries the greatest risks (high level of exposure). For insurers playing in this market segment there is a continual balancing act between premium revenue generation and risk exposure.
Strategy decisions around product lines, geographies, levels of reinsurance, pricing and various other factors are paramount to profitability and long-term sustainability of commercial lines insurance companies.
MGAs and underwriting agencies: The battle for capacity - As the battle for capacity intensifies, MGAs and underwriting agencies are coming under increased scrutiny. These agencies must prove that they are truly adding value to their capacity provider in order to thrive.
Big Tech in insurance and technology trends - For years incumbents have been concerned about the Big Tech companies – such as Google and Amazon – disrupting the insurance market. In recent years the question has shifted from “will Big Tech choose to enter the market?” to “when, and in what capacity, will these firms enter the market?"
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