There is much we don’t know about the impacts of Covid-19, but one obvious and immediate impact has been an increased death toll: the Faculty & Institute of Actuaries’ Continuous Mortality Investigation noted that there have been 100,600 excess deaths in the UK from the start of the pandemic up until May 2021.
An aspect of digital innovation often overlooked is the changing behaviours and expectations of customers in a digital era. The expectation of speed, digital onboarding, choice of communication channel, self-service, and being able to communicate via multiple digital channels are all regarded as common needs among digitally native millennials. However, as older generations have become familiar with digital tools and increasingly reliant on them, this trend in customer behaviour is becoming universal.
A new front has opened in the war for talent: the rise of remote work. Flexibility on location and time are the top two traits insurance professionals seek in an employee benefit. Flexibility does not necessarily imply a demand for 100% remote work, but rather more choice around when and where they work.
The past year has been one spent shadowboxing an invisible and mutating foe. A year of multiple lockdowns, social distancing, digital overload all taking place under a gloomy cloud of anxiety, uncertainty and fear.
But as we move into a brighter, more optimistic phase, I want to share why I envisage a global insurance industry that will experience an explosion of innovation over the coming months and years and will be a better industry to work in.