The economic and geopolitical context is giving rise to new risks, which are increasingly serious and of different natures: climatic, with natural disasters; cyber, such as the data leaks; geopolitical, with the ongoing war between Russia and Ukraine; and economic, in the context of rising inflation and interest rates.
In contrast, we have a post-pandemic economic recovery scenario and the advance of the vaccination against the new coronavirus. Life seems to be back on track at last, but not in the same way as before. There is a new awareness of the need to anticipate and guard against such traumatic events as the pandemic and its consequences, and of the risks that plague our society.
It is in this context that the insurance market stands out. In Brazil, according to a survey conducted by the National Confederation of Insurance Companies (CNSeg), the contracting of life insurance policies may grow by up to 10% this year. This forecast is a result of both the concern mentioned above and the modernization of the insurance industry to reach new audiences and offer better services.
What to expect from the insurance market in 2023?
The pandemic effect was important for the insurance industry, as it anticipated the use of technology and innovation in daily activities. In addition to being increasingly present in the digital environment, insurers are now implementing management tools that allow them to make decisions based on data, which makes it possible to reach out more assertively to potential customers.
This means that insurers have a better idea of the policyholders and their main needs. Profile analysis and customized quotes, for example, are already a reality in some cases.
Through increasingly automated systems, it is possible to optimize processes, something policyholders tend to worry about when taking out any type of insurance. Cloud computing provides insurers with a digital infrastructure that increases their operational agility and ability to innovate. This leads to faster responses to customer demands and enables faster and more efficient communication.
Even the ESG issue has been in the insurance industry’s sights. Some insurers are incorporating Environmental, Social, and Corporate Governance factors into their strategy, positioning themselves as important players when it comes to sustainability.
Here at Pryor Global, we are also always innovating and seeking the best products for our clients. Through our Benefits Management and Corporate Insurance department and in partnership with the best insurance companies and brokers in the country, we analyze the particularities of each case and offer a unique solution.
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