The new year already gives us a lot to talk about in the insurance industry. With the world still in the grip of covid-19, we now have almost two years of pandemic data to take into account. But how will it be used to change insurance risk models in the future?
In our first Insurance News Analysis 2022, Abbey Compton and I talk about how data is used in the industry. For example, life expectancy has dropped by nine months in the UK and 1.8 years in the US since the pandemic. These sober declines and record-breaking life insurance claims are forcing insurance companies over L&A and group and voluntary benefits to change how they assess the risk to their customers.
Data sharing and advanced analysis are also used to help assess and mitigate real-time health and safety risks. But the data and prescriptive analyzes that can help a customer avoid danger may not always get the customer̵7;s attention.
We are also talking about a price data point quoted by the UK Financial Conduct Authority. They say consumers can save £ 4.2 billion over the next 10 years. It is thanks to a new rule that requires insurance companies to offer consumers to renew home and car insurance the same prices they offer new customers.
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