[Video] P&C in 2021 Pt. 1 – Market Catalysts, Webinar Series Recap
P&C in 2021 is a webinar series that examines industry trends and reactions with leading analysis and experts, hosted by Ryan McMahon, VP of Insurance & Government Affairs at CMT.
In the series’ first installment on December 16th, 2020, McMahon invites Jay Weintraub, Co-Founder & CEO of InsureTech Connect, and Mike Zaremski, P&C/InsurTech Investment Analyst of Credit Suisse to discuss how the insurance sector will need to react to the later stages of COVID-19.
During their discussion, they explored the future of auto insurance and user-based insurance (UBI) powered by telematics. Specifically, what will the impact of the pandemic will be on the insurance market and what market forces are driving demand.
Other key points identified during the session were Wall Street’s take on the industry’s key events in 2020, the insuretech perspective on technology innovations and their financial impact, and the consumer catalysts that are fueling change as we head into the new year.and what to expect and to prepare for in 2020.
The panel also brushed up on innovation, distribution changes, product changes, and COVID’s short- and long-term impact on the industry.
While providing a semi post-pandemic analysis, Zaremski stated that “the pandemic has accelerated the level of adoption of telematics, largely coming from consumers. Consumers are figuring out that they are not driving as much so [we’ve] seen an increased take up rate…even more so than the direct-to-consumer side, and we expect that to continue.”
McMahon asks Weintraub to describe what trends we might be looking forward to in 2021. Weintraub commends insurers who were brave enough to try new things and fast-track the adoption of telematics to meet the growing consumer demand in 2020. He looks forward to “paying close attention to the appetite for some of the early-stage ideas and the willingness for companies to try new things, not just proven things.”
The insurance industry was forced to pivot and adapt this past year – and only the bravest of insurers were able to evolve.
Watch the recorded version to learn more about these upcoming trends. And be on the lookout for P&C in 2021 – Innovation, the second installment in our series. Coming soon.
About InsureTech Connect
InsureTech Connect is the world’s largest insurtech event — offering unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors and insurance industry incumbents from across the globe. To learn more, visit www.insuretechconnect.com.
About Credit Suisse
Credit Suisse Group AG is a global wealth manager, investment bank and financial services firm founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial centers around the world and is one of the nine global “Bulge Bracket” banks providing services in investment banking, private banking, asset management, and shared services. Credit Suisse is known for its strict bank–client confidentiality and banking secrecy practices.
Its strategy builds on Credit Suisse’s core strengths: our position as a leading wealth manager with strong global investment banking capabilities and our strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets. To learn more, visit www.creditsuisse.com.
Coverage of P&C in 2021 – Market Catalysts
Where Auto Insurance Rates Could Go this Year – originally published 1/11/2021 in the Canadian Underwriter
Where This Direct Sees Advantages over the Broker Channel – originally published 1/18/2021 in the Canadian Underwriter