Climate change phenomena and new regulations have grabbed the attention of insurers as well. Insurers could be indeed at the forefront of the climate revolution because of their position as risk-takers. One key topic is footprint measurement and reduction; namely measuring how many tons of carbon dioxide is emitted per year per business by making an assessment based on three different scopes.

Enterprise tech has represented a key topic for the carriers who had to face a new phase of remote collaboration with their clients as well as with their intermediaries. Digitizing 1-1 sales and services as well as customer journeys is a core element to keep the personal contact to clients. These types of solutions are paving the way for an omnichannel presence of insurers.

SMEs make up the vast majority of businesses worldwide, for example, enterprises employing fewer than 250 people represent around 99% of all businesses in the EU. Despite that their access to insurance is very limited and their spectrum of product choice always looks very limited. Startups are tackling multiple interesting areas to develop new offerings around the SMEs space, to attract new clients, and to prevent risks for existing policyholders and potential new ones.

Insurers are looking for new alternative ways to embed their products within more customer-facing channels. It’s fairly known that insurers cannot boast a frequent relationship with customers and policyholders. Startups are helping incumbents to implement standardized APIs to embed insurance within new distribution channels.

The mix between a low customer interaction, which reflects the nature of the insurance business, and a lack of ability to use the high amount of data collected over time, result in a very limited understanding of customer needs (ex. Missing on cross-sell/upsell opportunities). Incumbents need to partner with software providers that empower organizations to manage, store, organize, exploit their data to drive higher ROI.