As the year ends and with many insurance companies hit hard by the global COVID pandemic, many in the insurance industry are looking at how this year’s pandemic will affect them in the coming year.
According to Artificial, an online insurance quote provider, there are several things to keep an eye on including the following:
- COVID’s Impact on the market: COVID forced many insurers to pay more in coverage to their clients. As a result, the market will harden up as many will now have COIVD exclusions. Premiums will go up as a result.
- Tailored Premiums: As Millennials begin to enter the workforce, they expect more personalization of their products. With more data to access, companies should note what can be used to tailor their products. On top of this, millennials are beginning to enter positions of decision making so their expectations are different from previous generations.
- Cloud Computing: With more and more companies integrating technology, Cloud Computing has become more important. With stories of high-profile cyber attacks increasing, the ability to cover and back up such data in the event of a breach is important for many companies.
- Cybersecurity: In the wake of multiple breaches, the need for cybersecurity has grown considerably. This will increase the price of implementing the security and the insurance to protect against said breaches.
Going forward, COVID’s impact on the insurance industry will be felt for years. With more people working from home it's important for people to review what their security protocols are and protect against them.