Insurance claim form. Photo: emiliezhang/ Adobe Stock
The complexities surrounding the traditional insurance model face unprecedented challenges. Evolving customer expectations, coupled with the growing impact of climate change and the need for ESG goals, are straining the industry's capacity further.
Additionally, the declining trust in institutions has made it less likely for the global population to invest in insurance, leading to wider protection gaps. According to the 2022 PwC analysis, the protection gap across sectors is expected to reach US$1,867 trillion by 2025, if carriers do not cater to the changing needs of the customers.
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