As we approach the end of 2022, the insurance industry is undergoing significant changes across all sectors. From addressing customer concerns about crypto losses to employers navigating the risks of COVID-19, insurers are adapting to provide valuable protection in a rapidly evolving landscape.
In this latest Insurance News Analysis, we are pleased to introduce Cindy De Armond as Accenture’s new Insurance Lead for North America. We also welcome back Jim Bramblet, who has taken on the role of Accenture Financial Services Lead for the Midwest. Their expertise and leadership will undoubtedly contribute to the industry’s evolving challenges and opportunities.
Our conversation delves into recent developments in crypto and the expanding cyber policies that safeguard insurance customers from potential losses in the metaverse. As insurance in the metaverse continues to mature, we also explore how traditional home insurance is incorporating cyber coverage for personal devices, reflecting the shifting digital landscape.
The commercial property insurance market is experiencing rising costs in response to increased construction expenses driven by factors such as inflation and supply chain disruptions. These cost escalations are now impacting developers, particularly in hurricane-prone regions like Florida, where builder’s risk insurance premiums are on the rise.
While the insurance sector now has three years of COVID-19 data to inform underwriting decisions, the ongoing risk posed by the virus remains complex. As consumers reemerge from lockdowns in 2022, there has been a notable surge in demand for live events, raising considerations for both customers and insurers in ensuring adequate coverage and risk assessment.
In navigating these evolving trends and challenges, it is crucial for insurers to embrace technology modernization, leveraging tools like AI and cloud-based data analytics to drive profitable growth. By harnessing these innovations, insurers can enhance their revenue streams and optimize operational efficiency, positioning themselves for success in a rapidly changing market landscape.
For more information on how technology can fuel the future of insurance and drive sustainable growth, we encourage you to explore Accenture’s insights on the importance of embracing digital transformation in the insurance industry.
