Seven trends in the insurance market

The insurance market confirmed good development charges in 2022, with collections of R$265.1 billion as much as September, representing a rise of 18.2%, in accordance with information from the non-public insurance watchdog (Susep). The outlook for the sector stays optimistic for 2023 and may have innovation-related initiatives as a key driver. See the key trends in accordance with Fabio Dragon, Director of Innovation, CRM and Digital at Grupo Bradesco Seguros;

1 – Personalized providers

We are in an age of personalization. The buyer needs insurance that is smart for his or her life. This requires insurers to have the flexibility to permit this customization, each self-service and when contracting with brokers, who should work to grasp the buyer’s requirement and supply the very best answer. In this context, 2023 is the 12 months when insurers ought to use their efforts and information intelligence to information doable improvements in their merchandise.

Vida Viva Bradesco is an instance of customizable insurance that was even acknowledged with a silver medal at the Innovation in Insurance Awards 2022 introduced by EFMA/Accenture. It was constructed with this modification strategy in thoughts, shifting from a pre-formatted product to a win-win answer, with the buyer all the time at the heart of the technique. The Life & Pensions product affords 17 covers and 12 advantages.

2 – Behavioral applied sciences

This 12 months, we hope that the new notion of the insurance market will consolidate, shifting from a threat administration place to a prevention place. Insurance is prime to society, providing protection that brings peace of thoughts to individuals’s lives in all its facets. With the improve in information assortment made doable by advances in know-how and communication high quality (5G), it is going to all the time be doable, with customers’ permission, to make use of this data to behave far more proactively, benefiting the person. and insurers

3 – Insurance invested

Brazil has nice potential to promote insurance. Thus, increasing the answer providing by complementary services can be a key pattern for 2023. With each pre-sale and post-sale ease, the insured could have practicality and security as allies, elements which might be presently out there. already a actuality, and will probably be strengthened this 12 months.

4 – Digitization of brokers with distant gross sales course of and intensive use of information

An more and more linked world has affected the dynamics of insurance gross sales. Not that the function of the dealer has decreased. this skilled is extraordinarily useful as a mainstay of insurance gross sales. However, know-how is altering the instruments out there for gross sales execution. Thanks to those advances, in 2023 will probably be doable to additional empower the dealer, who will be capable to seek the advice of and use product and buyer information remotely a lot quicker, permitting, as talked about above, to suggest the proper product to the shopper. simply in time:

5 – Sustainability (ESG)

The ESG agenda isn’t just one other market pattern. The public is more and more in understanding how establishments make investments in and monitor points that embody socio-environmental and local weather facets, assessing the high quality and transparency of knowledge. It ought to be famous that the new shopper profile favors actually sustainable firms

The concern of integrating sustainability points into the technique of Grupo Bradesco Seguros just isn’t new. An instance of this was the dedication we signed in 2012 to the 4 rules of sustainability in insurance, recognized in English as PSI, in which we turned a member of the Council.

PSI is a voluntary dedication established by UNEP – FI, which stands for Financial Initiative of the United Nations Environment Programme. This is the discussion board devoted to monetary points that may have an effect on the international atmosphere and brings collectively banks, insurance firms and funding funds. Since we joined PSI, we’ve sought to speed up the improvement of actions that drive sustainable enterprise development in line with present rules. In 2022, we took one other step in the direction of growing good ESG practices by becoming a member of the TCFD, the Working Group on Climate Financial Disclosures, which goals to strengthen dedication to the local weather agenda. These and plenty of different actions are a part of the evolutionary strategy of sustainable practices in the Company.

6 – Cyber ​​safety

According to the McKinsey & Company consulting agency, cyber assaults on firms will improve by 40% in 2022. This led to a 41.5% improve in demand for cyber insurance in the first months of final 12 months, in accordance with CNseg analysis. In 2023, these numbers generally tend to extend. That’s why it is vital for firms and the public to take a position in cyber safety to have an efficient information safety technique in place by frequently evaluating leak prevention programs and educating customers to guard their information, in addition to, after all, hiring insurance. for full cyber safety.

7 – Testing Metaverse

Metaverse has great potential to evolve the insurance business and the market as an entire. First, as a brand new atmosphere the place present and potential insurance shoppers will join and work together with present product branding and distribution alternatives. Another potential considerations the protection of dangers that may emerge or intensify as the metaverse and its accompanying technological universe expands and turns into increasingly a part of individuals’s every day lives. There remains to be an extended technique to go in phrases of know-how and accessibility to the common public to help the full potential of the metaverse, however actions like Facebook, now Meta, have facilitated speedy adoption and development of customers and customers. the complete world, the ecosystem linked to this new digital house.

Guidelines which have existed for years in the insurance business are being accelerated, akin to the use of blockchain, digitization of processes, cadastral interoperability, multi-channel relationships, embedded insurance and cyber dangers. When it involves our on-line world dangers, for instance, some insurers round the world are already taking a unique have a look at the dangers related to social media bullying. This sort of protection ought to be extra mandatory in the metaverse, given the diploma of immersion and the potentialities for interplay between completely different customers.

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