As we approach the end of 2022, the insurance industry is dealing with disruption across all industries. From customers worried about losing cryptocurrencies to employers still assessing the risks of COVID-19, insurers are looking for ways to provide protection.
In our final insurance news analysis of the year, abby compton I would be happy to welcome you cindy de almond And we congratulate her on her new role as Accenture’s Head of Insurance for North America.we also welcome Jim Bramblett He moves into a new role as Accenture Financial Services Director for the Midwest.
Our discussion begins with the recent Development of cryptocurrency and the expansion of cyber policies that protect insurance customers from loss of assets in the metaverse. As metaverse insurance continues to evolve, we look at how traditional home insurance is also evolving to include cyber coverage for personal devices.
Commercial property insurance costs are increasing to reflect rising construction costs due to factors such as rising inflation and supply chain disruptions. The impact now extends to developers as well.Hurricane-prone areas like Florida have new requirements. builder risk insurance premium.
The insurance industry currently has three years of COVID-19 data to help inform underwriting decisions, but it may not be enough to understand the risks the virus continues to pose. However, once consumers emerged from lockdown in 2022, there was a significant increase in consumption. Consider the demand for live events and what it means for customers and insurers.
Accelerating the future of insurance: Modernizing technologies such as AI and cloud-powered data analytics can help insurers achieve profitable growth through both increased revenue and reduced costs.
