Today it's difficult for executives to look past the current lockdown, work from home (WHF) closed offices, and safety of their employees and to the next phases of quiet and eventually recovery.
Read MoreHow leaders manage will be decisive in the success during downturn
How COVID-19 Is Transforming Insurance Business
Coronavirus is unlike what we have seen in our lifetime, this time of the year typically we are on the road, doing most traveling in late spring, as professionals in general or for insurers. However today in a rapidly changing environment, situation is volatile out there and a lot of uncertainty.
Read MorePowerful and successful impacts of bigtech on insurers
BigTech companies like Amazon are slowly establishing a presence in the insurance industry. Almost 30% of customers globally would be willing to buy insurance from BigTech firms like Google and Amazon, and insurance companies are still playing catch-up when it comes to delivering technology-enhanced customer experiences.
Read MoreTOP-10 POSITIVE TRENDS IN INSURANCE TECHNOLOGY
The P&C sector has been witnessing slow but resilient growth in premiums, with the real premium growth rate stabilizing gradually after the financial crisis. However, in 2017, there was a decline of 0.5 percentage points in the real growth rate of premiums and profitability also trended down for the third consecutive year.
Read MoreBlockchain in Insurance
The banking and insurance industries are embracing blockchain with open arms. According to the SAP Digital Transformation Executive Study, executives in banking and insurance plan to more than double their investments in blockchain by 2019.
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