Welcome to iLeads Insurance Market Minute, where we bring you the latest, most relevant news regarding the insurance market. Last week you were reading Survey: Insurers Not So Confident About the Pandemic Ending This Year. This week we’re bringing you: Insurers Will See Cyber Coverage Rise In Wake of COVID-19
The future of insurtech*
Insurtech investment is at an all-time high. In 2019, the insurtech sector hit a record $6.37 billion, according to Willis Tower Watson, up considerably from $4.17 billion the year before. It’s not slowing down either; an NTT survey found that investment in IT is set to double in the next three years, with two in three business leaders saying they were concerned about being left behind by modernization.
In the Special Report: Insurtech 2020, Insurance Business spoke to some of the leaders in the space to discuss what the future holds for insurtech and how agents and brokers can take advantage of the technology that’s transforming the industry. The report takes an in-depth look at all aspects of the dynamic industry, providing valuable insights for any industry player, including the impact of the ongoing coronavirus pandemic.
“If the COVID-19 pandemic has demonstrated anything, it’s that almost anything can be done online, including insurance transactions,” the report stated. Read more in-depth here.
COVID-19: Business continuity and workers’ compensation considerations*
Business continuity planning as it relates to workers’ compensation is critical, especially during the current coronavirus outbreak.
Safety National’s Matt McDonough discusses what risk managers should focus on in a business continuity plan, how businesses can ensure they’re not introducing new exposures as they adjust operations, what key components to include in a business continuity plan, and more, giving businesses a 360-degree view on planning for crises. Listen to the 14-minute podcast here.
Insurer launches overseas and domestic road trip coverage for pandemic-era travelers*
Travel insurer Seven Corners has started two new products tailored to vacations in the age of coronavirus: one policy specifically covers medical expenses incurred due to Covid-19 infection while traveling overseas, and another helps motorists as road trips replace flights and cruises as the preferred means of summer and fall travel.
“Travel trends, in general, have changed,” said Jeremy Murchland, president of the Indianapolis-based company, which sells both comprehensive travel insurance policies and medical coverage-only plans.
“A lot of people are electing to take road trips for the summer as opposed to air travel,” he added. “We also took the opportunity [of the pandemic] to develop a ‘plus’ line of travel insurance that provides a specific coverage for Covid-19.”
When pandemic lockdowns brought worldwide travel largely to a halt this spring, many travelers who had purchased trip insurance — whether itinerary cancellation coverage, a medical plan or a policy including both — found themselves unable get paid on Covid-19 claims. Read more in-depth here.
Insurers will see cyber coverage rise in wake of COVID-19 – report*
The rise in remote working due to the COVID-19 pandemic will increase the risk of cyberattacks, giving insurers an opportunity to improve their cyber insurance penetration rate, according to analytics firm GlobalData.
The company said that cyber uptake had been on the rise even prior to the outbreak.
“Cyber insurance uptake has been most impactful among micro-businesses, which saw a 300% increase between 2016 and 2019, reaching 17.8%,” said Jazmin Chong, GlobalData analyst. “This huge increase is due to the very low proportion of micro-businesses that held cyber insurance in the past. However, small and medium businesses have also recorded notable rises. More than 50% of medium enterprises now hold cyber insurance, highlighting the growing awareness around the importance of protection against cyber incidents among larger-sized businesses. Meanwhile, 40% of small enterprises held cyber insurance as of 2019.” Read more in-depth here.
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