It’s been just over two years since the World Health Organization declared COVID-19 a global pandemic. As a result, we’ve seen major shifts in how people expect to work, play, shop and take on risks. It’s become clear that many of these new expectations are here to stay with varying degrees of impact on all industries.
For insurers, the pandemic accelerated changes in how they engage and interact with their customers through
Every year, Accenture Interactive’s
In the Fjord Trends 2022 report, we see how shifts in five human behaviors and trends may affect society, culture and business. Here we take a look at what these trends mean for insurers.
1. Come as you are
COVID-19 lockdowns gave workers around the world time to rethink their life and work choices. For many, this greater sense of agency resulted in moves toward freelance work and other new income streams from the
Accenture’s
2. The end of abundance thinking?
COVID-19 disrupted supply chains worldwide, creating a persistent phenomenon many have never experienced: shortages. This experience has called into question the effects of abundance culture on the environment and led more people to think about their own consumption choices.
This is especially true among Millennials and younger consumers. In our
3. New horizons
The
While it’s still early days for offers like NFT insurance coverage, insurers are preparing for the inevitable expansion of the metaverse. For example, cryptocurrency is becoming an option for the payment of premiums.
4. This much is true
With the internet and smartphones, customers are now used to having a world of knowledge at their fingertips. But finding accurate information from trusted sources isn’t always easy. Across every industry, businesses are challenged to be a trusted source of information any time of day or night and in whatever channel the customer prefers.
We see insurers and insurtechs responding to this need in a variety of ways. For example, customers of a general insurer in the U.K. can get answers to their auto insurance policy questions through their smart speakers, with answers drawing from a continuously updated library of commonly asked questions. And French insurtech Fluo offers to help customers optimize their insurance coverages by analyzing contracts and identifying unnecessary duplications.
5. Handle with care
The need to give and receive care is fundamentally human and one that the insurance industry was created to help meet. In the post-COVID era, care is now more visible, valued, and openly discussed. We see this elevation of care in the evolving digital experiences insurers are creating for customers and employees.
One example is Prudential Group Insurance. It is helping improve access for disability insurance claimants to care services and crisis intervention, as well as self-service tools for psychoeducation, relaxation, and coping skills training. This intervention is expected to improve disability outcomes through mitigation of the mental health challenges that may accompany a disabling event.
COVID-19 has shone a light on the long-standing shortage of
As we look forward, we can take lessons from what’s happening in Japan. They are developing public-private approaches to long-term care insurance. These programs incorporate robotics solutions. They also provide options to women, who disproportionately assume family caregiving roles, to remain in the workforce and prepare for their own retirement and long-term care needs.