Insurers must boost digital play on Covid-driven interest in sector: study

Over 60% insurance execs say Covid-19 affected their firm's customer acquisition efforts, 40% cited impact on customer retention

Insurers need to rethink their distribution models to offer uninterrupted service, superior customer experience (CX), and maximum value as the industry’s business dynamics continue to evolve, according to a new report by Capgemini and Efma. As natural disasters and emerging risks such as Covid-19 become more severe, and lockdowns and social distancing spur the adoption of digital channels, the world is more insurance conscious.  

More than 60 per cent insurance executives said Covid-19 affected their firm’s customer acquisition efforts, and about 40 per cent cited an impact on customer retention, the report found.

The report, titled "World Insurance Report 2021" suggests that