Life after covid-19

Itello Pulse Survey

Who hasn’t asked at this point, “How will the covid-19 pandemic affect me and my family, our jobs, our finances, savings and retirement? How will it affect our lives?”

The pandemic has undoubtedly had a significant impact on individuals, society, business and the wider economy across the globe. Additionally, the uncertainties of the pandemic have given way to setbacks, but it has also opened up a chance to prioritize and operate differently. Insurers that step up their digital game and consider customer pain points and life changes caused by covid-19, might have a bigger chance to build loyalty and gain share.

Looking ahead, as the broader economy recovers and responds to the pandemic, we wanted to check the pulse of the L&P industry and explore how its consumers are affected and what L&P providers think life after covid-19 will look like. Itello Pulse survey was sent to 1 900 recipients working in the industry in Sweden, Norway and Finland. Among others, we asked what the top concern for insurance consumers will be following covid-19 and what L&P providers will prioritize to meet the evolving mindset of consumers, expecting greater levels of digital customer experience and personalization.

The top concern for insurance consumers following covid-19:

  • Financial setbacks is the top concern for insurance consumers, followed by savings and retirement plans that will be affected.

Other areas:

Insurance consumers are increasingly expecting greater levels of digital customer experience and personalization. What will you prioritize following covid-19?

  • Life & Pension providers will prioritize strengthening self-service capabilities, followed by accelerating digital development and making it easy for customers to access information and get essentials

Has covid-19 sparked a higher demand for income protection?

  • Yes, the survey shows that covid-19 has sparked a higher demand for income protection.  

Which insurance product will be more attractive in a post-covid-19 world?

  • The insurance product that will be more attractive in a post-covid-19 world is income loss insurance, followed by loan protection insurance and income insurance.  

What will be the most prominent trend in the industry following covid-19?

  • The most prominent trend in the industry following covid-19 will be AI & automation, followed by advanced analytics and proactiveness and new models and personalized products. 

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