Here’s the translation to American English:
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A recent study by Economist Impact and SAS highlights the importance of policy and innovation for the future of the insurance sector. This analysis presents four possible scenarios that could materialize by 2040, based on technological evolution and a focus on customer-centric strategies.
In one of these scenarios, extreme personalization of insurance offerings is anticipated, while another indicates that insurance could become a luxury accessible only to a few. The industry is undergoing a period of transformation, bringing both significant opportunities and challenges, such as cyberattacks and misinformation.
The report emphasizes that global cooperation and technological innovation are essential for addressing political challenges, including the climate crisis. Each of the proposed scenarios includes recommendations for industry leaders to ensure resilience and agility in their operations.
Óscar Saavedra, Consulting Manager at SAS for Spain, stresses that the increasing frequency of natural disasters, such as floods and fires, should not lead insurers to withdraw coverage in high-risk areas for profit reasons. In a framework of continual digitalization, insurers must invest in responsible innovation that guarantees their fundamental purpose: to protect their customers.
The first scenario examines a future characterized by isolationism and unregulated technological growth, where only developed countries would have access to sustainable technologies, leaving developing regions unprotected. In contrast, the second scenario focuses on a collaborative model that prioritizes the customer, enabling insurers to offer personalized products and prevent claims.
The third scenario contemplates resilience to climate events while highlighting the disparity between strong and weak economies. Finally, the fourth scenario underscores the risk of a lack of innovation and collaboration, which could lead the sector to a crisis of adaptation to natural disasters, leaving many communities without coverage.
With the increase in frequency and severity of disasters, Saavedra warns that insurers must rapidly adapt to an ever-evolving environment. Artificial intelligence, combined with human intelligence, is emerging as a key tool in this transformation toward 2040, aimed at customer protection and strengthening the industry.
The study does not aim to predict the future but rather to explore possible trajectories that will allow insurers to position themselves to face challenges and seize new opportunities.
Referrer: MiMub in Spanish
