With digital adoption becoming mainstream, customers can now do their own research on policy options via digital channels. The trust equation between insurers and customers has therefore shifted as agents/brokers are no longer the primary or exclusive source of information when it comes to purchasing insurance.
Much of the focus on COVID-19 has been negative. The pandemic and consequent containment measures have had dire repercussions.
FinTech company GoBear has raised fresh funds of $17m from Dutch venture capital firm Walvis Participaties, as well as Aegon, a provider of life insurance, pensions and asset management.
Fraud is becoming an increasing concern as most of the staff of majority of organisations are working remotely due to the social distancing and national lock-downs imposed due to coronavirus pandemic.
A positive fallout of the coronavirus pandemic has been the rise in the stature of the chief risk officers. With businesses facing a wide range of threats and challenges to their operations, risk officers are now working with executives and boards of directors to respond to these challenges and threats.
Australia's biggest general insurer, Insurance Australia Group, has bought a multimillion-dollar stake in a start-up that measures climate change risk on farms.
According to a study conducted by YouGov and ACI Worldwide, nearly half of Indian consumers are more worried about frauds while making digital transactions amid the coronavirus crisis and about 28% of consumers are now exercising more caution while making payments using various digital modes.
The global economy could suffer between $5.8tn and $8.8tn in losses-equivalent to 6.4% to 9.7% of global gross domestic product (GDP)-as a result of the coronavirus pandemic.
The number of participants on China's online mutual assistance platforms is projected to reach 450m by 2025, accounting for over 30% of the country's population and three times the current figure, a report said.
The Hong Kong Federation of Insurers (HKFI) yesterday announced the issuance of a Best Practice guideline on the use of genetic test results. The Best Practice shall take effect from 1 June 2020.