has been saved, 2021 insurance outlook View in article, Lea Nonninger, “Prudential has acquired InsurTech Assurance for $2.3 billion,” BusinessInsider, September 9, 2020. Meanwhile, tax planning in 2021 will likely require close monitoring of legislative and economic developments on multiple fronts, as well as investment in tax modeling and structuring to quantify and adapt to whatever changes materialize (figure 17). to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, Technology could play a crucial role, but most feel digital capabilities come up short, Within reach? 3. However, while only 25% of survey respondents strongly agreed their company had a clear vision and action plan to maintain financial resilience during the ongoing health and economic crisis, most indicated they were at least somewhat confident they are on the right track. Companies should keep in mind cloud adoption goes beyond IT upgrades. For claims to become a more reliable retention driver and even a competitive differentiator, carriers will likely need to not only adopt new technologies and alternative data sources, but “establish a connected partner ecosystem and talent model that values technical claims handling and data science skills.”28 For example, Zurich UK has teamed up with Carpe Data to automate and accelerate its claims processes and detect fraud using alternative data.29, In the long term, such a course would likely help “reduce pressures of an aging workforce as no-touch insurance claims processing increases.”30, Regulators have focused on multiple areas of concern during the pandemic, from policy disputes over infectious disease-related coverage,31 to consumer protection as more sales and claims handling go virtual.32 But there are many other compliance issues for insurers to address that have nothing to do with the pandemic. The product range of the Commercial Auto Insurance market has been further categorized. View in article, Deloitte analysis utilizing SNL Financial M&A database. They should also bolster the recruitment of those with advanced data analytics and automation skills to fuel faster, more effective digital transformation. Information about the relevant price along with data related to sales together with the projected expansion trends for the Commercial Auto Insurance market is revealed in the report. (2) Based on U.S. total, includes territories. View in article, S&P Dow Jones Indices, “S&P Insurance Select Industry Index,” accessed September 30, 2020. View in article, Vitech, “Prudential selects Vitech’s V3locity for cloud-based group insurance administration,” PR Newswire, September 8, 2020. View in article, Yuan Rao, “Three challenges to effective data analytics use in insurance,” National Underwriter PropertyCasualty360, January 28, 2020. Seeking a balanced approach, carriers that gravitate toward the progressive model need to decide what parts of the operation stay virtual versus on-premise. View in article, Matt Sheehan, “Lloyd’s launches parametric policy for business interruption,” Reinsurance News, September 30, 2020. The report covers the major driving factors influencing the revenue scale of the Commercial Auto Insurance market and details about the rising demand for the product from the key geological regions. Data related to market industry concentration rate with respect to the raw materials is present in the report. Simply select text and choose how to share it: 2021 insurance outlook One example is AXA SA considering a sale of its Greek businesses to Generali SpA,48 as well its Singapore unit.49. The ultimate goal is to better leverage artificial intelligence (AI), alternative data sources, and more advanced predictive models to augment an underwriter’s capabilities and eventually transition them to higher-level, multifaceted roles—such as portfolio management and greater interaction with brokers and large customers.24, For example, Ping An Life Insurance Company of China has an advanced risk model on its smart underwriting platform that served over 18 million policyholders in 2019 and approved 96% of policies through automated underwriting, cutting average turnaround time from 3.8 days of manual underwriting to 10 minutes.25. View in article, Daniel Bachman, United States Economic Forecast: 3rd Quarter 2020, Deloitte Insights, September 14, 2020. In-person training is hard to replicate for remote workers. particularly in terms of cyber risk and business interruption. 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