How COVID-19 has put pressure on providers to transform
Over half the people in the UK potentially suitable for life protection insurance do not currently have any. That is a massive market. But it is one the life protection industry has historically struggled to crack. But in the wake of COVID-19 that may be about to change - providing insurers can adapt.
The COVID-19 crisis has highlighted the significant role life protection insurance can play in improving financial resilience and it has clearly driven increased awareness and interest in cover. This means there’s a window of opportunity - but for who?
Pre-COVID-19 the industry was already facing major disruption – specifically from tech-savvy new entrants. COVID-19 has accelerated that disruption. So incumbents need to use this unique moment in time to serve as a catalyst for change, because if they fail to react effectively more agile rivals may move in.
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