This month, both the UK and US courts ruled that insurance companies would have to pay businesses for lost earnings. We also saw the end of the single market for the UK, with Brexit throwing-up a host of legal and commercial concerns for insurers. Coming into February, however, and deals are finally coming together – albeit, in sketchy territory.
Insurance businesses – like Argenta, Hiscox Action Group, and MS Amlin – are in the test group for the payout laws, and passporting rights to EU countries are beginning to be agreed, allowing UK intermediaries to place risks with certain insurers across the EU.
What does this mean for 2021?
Yes there’s uncertainty, but there’s also opportunity.
Opportunity lies in finding new customer markets. COVID-19 has made the world borderless, with digital replacing physical. It no longer matters where people live – they expect the best brands with the best products to reach them.
Winning companies will set sights on building fresh products for these emerging customer segments. Honing a data strategy, and moving towards a single-customer view, will drive revenue in the short term as well as fuel innovation long term. And, in terms of our globalised economy with an ageing population, there’s a long line of new needs to be met!