2020 was a year dominated by a global pandemic. While it has not left the news, particularly in places such as the UK, insurance has much to gain. Patrick Brusnahan asks the experts on what to expect in 2021 for insurtech
EXECUTIVE VICE PRESIDENT, EMEA
MUNICH RE AUTOMATION SOLUTIONS
Interestingly, we also anticipate more joint ventures between traditional players and insurtech firms. Insurers that previously invested in data and analytics will reap the rewards, as such technology that streamlines the life insurance application process, which will be key to maintaining consumer satisfaction. Application programming interfaces (APIs) will allow emerging technology to easily integrate into all existing systems, allowing insurers to deliver a platform for cocreation of services.
WILLIS TOWERS WATSON
Finally, there’s growing attention to ‘Environmental, Social and Governance’ factors. The pandemic has made us more aware of how intertwined our life is with the unpredictable forces of nature, and one silver lining of the lockdown has been an appreciation of cleaner air as pollution levels fell. Many insurers have ESG at the top of their agendas, not as a compliance burden but with a real desire to do the right thing. Asset allocation becomes more complex, with further criteria to weigh, but the rewards are there – both financial and ‘moral’. Related concerns around climate change are also feeding through into areas such as demographic risk.
We all hope that 2021 will be a year of recovery, in so many ways, but for life insurers, it can also be a year of reinvention across several parts of the business. Hopefully with staff reaping the benefit of a happier work-life balance with more working from home, and less time commuting!