Insurers looking for strong insurance growth need to look beyond developed economies and they need to enter coverage areas for emerging risks like brand damage insurance, mortgage credit risks, and mega-limit liability losses for corporations, according to Aon Benfield.
In addition, insurers can take five specific steps to become more relevant in five years time, the reinsurance intermediary says in its September 2015 report “Global Insurance Market Opportunities”:
- Make a serious investment in data and analytics, or partner with those companies making the investment.
- Target that investment to deliver product relevant to customers emerging risks.
- Incorporate new data into your underwriting.
- Look to satisfy all of you customers risk security needs. Think beyond risk transfer products.
- Look to engage your products daily and weekly on their terms. Sell products in bundles that make sense to Gen X and millennials social media saavy users.
See related articles, “Corporate ‘Giga’ Losses: An Avenue for P/C Premium Growth and Relevance” and “Where Can P/C Insurers Grow?” for more information from the report.
Source: Aon Benfield report, “Global Insurance Market Opportunities.”