Summary and Objective:
Insurers have been called to reimagine their businesses, both internally and externally, to meet the changing needs of today’s customers due to the global pandemic. As an industry, insurers face an opportunity that may not be repeated — to actively shape the industry for the better. Consumer needs have evolved, and insurers need to expand their offerings intuitively, and in partnership with others to meet these expectations. To succeed at reaching customers in new ways requires future-ready technology and operations. It also means moving from a reactive state of risk indemnification to a proactive mode of ongoing risk mitigation. It will entail the exploration of expanded, disrupted products and services that change how insurers engage with customers.