Q1: Ninety has launched a new white paper for insurers considering the opportunities beyond Covid-19. What were you trying to do with this paper?
A1: Ninety advocates customer-centricity in insurance innovation. What we’ve done with this white paper is to consider 10 “new customer realities” that will impact insurers and suggest 27 new ideas for insurers beyond Covid-19.
Download the whitepaper here: https://bit.ly/3eHmmAX
Q2: The world is changing in the light of Covid-19 pandemic. What should insurers do to remain relevant in a new reality?
A2: Check out our ideas: https://bit.ly/3eHmmAX
Support vulnerable customers through this crisis - it will be remembered
Listen to customer voice and develop a deep empathy for their needs
Ideate and experiment with new products, technologies and channels
Q3: How exactly is Covid-19 impacting #insurance?
A3: Pandemic has unleashed a domino effect on the industry – it is one big lesson on macroeconomics! Here is a mindmap to help visualise some of the new threats and opportunities for the #insurance industry. https://bit.ly/2C6X2GV.
Q4: First and foremost, Covid-19 is a health crisis. What is the biggest concern for life and health insurers right now?
A4: Neglecting mental health issues now may lead to reoccurring episodes and an increase in physical diseases such as obesity, diabetes or cardio-vascular problems in later life; all leading to earlier mortality, higher associated healthcare expenditures and insurance claims.
Q5: Which of Ninety’s new customer realities you are most excited about?
A5: Future of Work – it’s not just about how differently we will work ourselves, but also how can we cater for emerging insurance risks to:
support gig economy
ensure cybersecurity
adopt automation
enable the Reskilling Revolution
For some inspiration: https://bit.ly/3cTvzF3
Q6: What is the single biggest trend that the #insurance industry should be aware of?
A6: Low Touch Economy - customers will expect convenient and user-friendly digital insurance platforms. We will see more disruptors like Lemonade shaking up the industry. Will big insurers be able to keep up? Watch this space! Join the debate here: https://bit.ly/3d0EKDP
Q7: Do you have any examples on how insurance companies are helping the world to fight the pandemic that made you feel proud to be part of the industry?
A7: Insurers are key to managing risk in society. In China Ping An’s Good Doctor virtual health platform saw a 10x increase, keeping the vulnerable safer and balancing out health worker workload to stay up to date, sign up for our Covid-19 Pulse Alerts: https://bit.ly/2XW6zsA
Q8: Where to find more information on new emerging risks and opportunities for the insurance industry?
A8: Our recommendations:
@SwissRe on New Risks https://bit.ly/2UCdLb9
@TheDIACommunity on Digital Transformation https://bit.ly/2zu77N5
@CreditSuisse on Supertrends https://bit.ly/3feG87g
@WTWhr on Scenario Planning for Key Classes https://bit.ly/2XXyHvt
Q9: Finally, where can our readers download the white paper in question?
A9: Via the Ninety website, or go directly to the white paper here: https://bit.ly/3eHmmAX
Insurtech Chat is a Twitter chat hosted by Minh Q. Tran, Managing Partner of Odysseus Partners. For more information, please contact minh@odysseuspartners.com.