This 2022, we foresee insurance providers reacting to the long-term effects of COVOD-19 while innovating more products for digital insurance.
Evolving consumer expectations, climate change, and virtual work environments will all be factors in the new landscape of the insurance industry.
Let’s examine some of the most interesting trends coming to the insurance industry in 2022.
1. Working to rebuild consumer trust.
Insurers will center around efforts to bring back their customer’s trust in the industry as well as minimise losses in lieu of rising premiums. Providers will undoubtedly aim to improve client experience with better transparency and by streamlining the claims process to increase retention rates and loyalty.
As consumer expectations adjust, insurance companies will have to adapt their business model to new demands. Insurers who promise to provide customer-centric products and services will do better in 2022.
2. Diverse Product Offers
Consumer data has improved the way insurance companies develop and market their products. Insurance providers will be looking into consumer behaviour based on how they search and research insurance products online.
By offering a diversified range of products, brokers will see that they can acquire more customers from existing policyholders with little extra effort. Essentially, products will become highly customised to fit a wider range of needs by high-conversion leads.
3. Insuretech on the rise
Statistics from McKinsey indicated that tech-based insurance funding increased year-on-year consistently since 2017 reaching an estimated high of €8.7B this year.
Throughout 2022, the launch of digitised insurance services including automation and AI will see a surge as more providers gain new knowledge in technology. Mobile-optimized apps that allow customers to choose policies or update existing plans will be observed globally.
In addition, products that focus on cybersecurity insurance will see exponential development in 2022.
4. Sustainability and Eco-Consciousness
It’s not just the insurance industry but all industries have been presented with increasing pressures to place climate and environmental issues at the forefront of business operations and processes.
Whether it’s zero-carbon emissions by 2040 or products that support environmental protection, decision-makers will need to provide clear and specific solutions for this crisis.
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