Survey examines effect of pandemic on commercial insurance
Source: Middle East Insurance Review | Sep 2021
Adoption of digital technology has increased among the insurers as a result of the pandemic according to a new research published by the Italian InsurTech Association (IIA).
The study, conducted in partnership with PwC, concluded that the pandemic accelerated an existing trend rather than creating a new way of working.
Technology innovations have transformed the processes of all industrial sectors in recent years, although the insurance market has typically adopted these technologies at a slower rate than most other industries.
The pandemic has provided the impetus for further change, with all market players facing unexpected scenarios and general disruption and the Italian insurance industry has seen an increase in the level of innovation in products and services.
It was against this backdrop that the IIA and PwC launched their joint research project, with the aim of highlighting the impact of the pandemic and the drivers of technological change during 2020 in the commercial lines business.
The project’s main objectives were to analyse whether changes to the health and socioeconomic contingency could develop and lead to a greater focus on technology-enabled innovations such as big data, AI and blockchain, which are fundamental for accessing and sharing information.
The survey was conducted on three user groups – technology providers and the evolution of their offerings; insurance companies and changes to their operational processes; and insurance intermediaries and changes to their commercial strategy and treatment of customers.
The survey showed that there was a strong inclination to use digital channels in all phases of the underwriting and policy management process but with one major discriminating factor – client data.
Technology is therefore a facilitator, not a substitute for human interaction, concluded the survey. M