It is necessary to seek partnerships to offer the best benefits
In times of uncertainty, such as we have been experiencing since the beginning of the pandemic, safety has become a priority. Although we have felt some relief with the arrival of the vaccines against COVID-19, new variants have emerged, requiring our constant attention in controlling the spread of the virus. Other current issues, such as the instability of the global economy, the climate crisis, and cyber security, are also of concern.
Over the past two years, the insurance market has strongly asserted its role in the economy and society. Consumer needs have changed, and no organization today is able to satisfy all the needs of its customers. It is necessary to seek partnerships to offer the best benefits. But what are the new trends for the insurance market in this and the coming years?
Check it out below.
According to the National Confederation of Insurers (CNSeg), the demand for life insurance during the pandemic has increased. In the first six months, the industry collected more than R$10 billion in premium, almost a 20% change from the same period in 2020. The need to financially protect the family in the case of a fatality may be behind this increase.
Until then, most insurance policies did not offer coverage for pandemics. This is now changing. It is worth mentioning that life insurance is not only contracted in case of death, but also protects the insured in case of illness or unemployment, for example.
In the face of increasing cases of cyber-attacks, cyber insurance can provide security in the event of a crisis, due to the support of a team of experts in technology, information security, and legal issues. It also offers guarantees for data recovery, operational losses, and liability in case of data breaches.
With the entry into force of the Brazilian General Data Protection Law (LGPD) and the obligation to protect the personal data of employees, customers, and business partners, companies are preparing to defend themselves against cybercrimes. As the businesses are becoming more digital, more investment is needed in digital security.
In today’s world, customers expect a more personalized service and faster responses to their demands, something that can no longer be ignored by the insurance market. Some contracts, for example, can be adjusted and rewritten in real time depending on the client’s needs.
Personalization covers many types of insurance, from health-related to property. And having insight into customer preferences and behavior is essential for providing a personalized service.
At Pryor Global, we offer our clients the best in business insurance and benefits management. Contact one of our specialists and learn more about our products.