We begin the year with a review of the trends that will mark the world of insurance in the new year.
Of course, PIB Group Iberia is here to help you solve any doubts you may have. Let’s review the three main trends and see how they may affect you.
The influence of new technologies in the insurance world.
Increasingly we need to be aware of how the online world affects us at all levels. Communications have changed, but so has the way we understand our security and the use of our personal data.
We are very exposed and we should not only think about the world of social networks. The use of artificial intelligence is in our daily lives, even if we don’t realize it. In fact, many insurers are using it for data management to make more accurate risk assessments, thus improving their profitability.
One of the elements that will be the main focus this year in the insurance aspect will be cybersecurity. We cannot ignore the importance of protecting our personal data and those of our company, because we are exposed and can give us more than one scare. Let us not think that we are not exempt from risks, as we are all susceptible to an attack on our personal and professional data. The vulnerability of companies is still evident, as we read weekly articles related to attacks on the data and systems of Spanish companies. That is why cyber insurance is a type of policy that is growing at very high rates, and not only for large companies, but also for small ones. In fact, they tend to take security recommendations less into consideration, and the effect of these cyber-attacks on SMEs is devastating: 60% of them are shut down, according to astudy by Kaspersky Lab.
Knowing how cyber insurance works is crucial to protect your data and your company’s data, and don’t forget, it can happen to you as it can happen to any of us, because we are all exposed. At Moné we can help you find the cyber insurance that best suits your company. A fundamental advice to minimize risks is to work on prevention, and changing passwords periodically is essential.
On the other hand, we must take into account how communication has been facilitated by the rise of new technologies through tools such as chatbots. It is interesting to see how they are increasingly being introduced in the world of insurance companies. Insurance companies such as AXA, Mutua Madrileña and Mapfre have already introduced chatbots in communication with their customers. In this way, they are able to offer total availability, providing the customer with a constant service and reducing costs. Their implementation is the order of the day and will be a trend throughout this year: new ways of communicating with our customers, more effective, closer and full time.
The effect of climate change and natural disasters.
Insurance companies are being updated in the security sector with respect to natural catastrophes. We cannot fail to keep in mind situations such as the fires that are ravaging Australia or the effect of heavy rains like DANA left in our country.
Insurance companies are constantly updating how to perform risk assessment, in order to do it in real time and thus improve coverage and types of risks to be covered.
In addition to the Insurance Compensation Consortium, which is unique in Europe and is responsible for the management of these natural disasters, more and more insurance companies are introducing changes to streamline the management of these situations.
New retirement products.
The social change we are witnessing is more than evident. In Spain, this past 2019, the lowest number of births since 1941 was recorded. We are in an eminently aging society whose pension system is faltering: there is not enough working mass to support the retired population.
That is why the appearance of new products that guarantee the quality of our retirement is the third of this year’s main trends. If we add to this the low interest rates we are currently enjoying, we are forced to look for savings formulas that help us generate profitability without exposing us to risks that we are not willing or able to bear.
These products with a low risk level are finding a lot of interest in the market; therefore, they are expected to continue growing this year. PIAS savings plans are among the most flexible and profitable that we can take advantage of. At Moné we are experts and we can advise you to find the most suitable for you.
