3 insurance industry trends in 2023

The insurance industry will face many new risks, realize the technology ecosystem and increase the customer experience in 2023.

The insurance industry has demonstrated remarkable resilience and adaptability over the past few years. With the maturation of digital technology, carriers can tap into new possibilities to drive both operational efficiency and transformation.

Constant competition also drives the need to transform cloud computing and modern ecosystems. Besides, with ongoing challenges such as inflation, rising interest rates, climate change and talent shortage, experts see three trends that are likely to shape the insurance industry in 2023.

Many new risks are developing

In essence, insurance is a product that protects people and businesses against risks. To fulfill this mission, insurers need to understand and prepare for what is to come or have a system in place that allows them to switch flexibly. Global challenges, national regulations and economic forces make it difficult for insurers to address risks.

Furthermore, these risks tend to be very complex and interconnected requiring insurers to act quickly. A growing risk is in cyberspace. This is not a new threat, but the frequency and severity of ransomware attacks is increasing. Cybersecurity is no longer a technology risk, it’s a business risk.

The risks require businesses to be agile, stay ahead of the competition and better support customers. These systems are being built on the cloud, based on data warehouses, especially tools like AI, ML, and automation. By 2023, the data ecosystem and decision support tools will likely be the focus of growth for carriers, to run agile and agile operations.

Technology Ecosystem

In the past, insurance companies often inherited previous experience in simplifying the system, while building a new and modern technology system. Others are more digital and embark on a journey to modernize combining technologies.

What these insurers have in common is building a technology ecosystem underpinned by a flexible, scalable core service. They understand this is the answer to maximize profits and configure systems to scale as needed. It is also the fastest way to realize added value creation paths.

These possibilities could become reality by 2023, when starting from the right foundation. The technology ecosystem will continue to evolve, shaping the insurance value chain and service models.

Increase customer experience

This is also a challenging time for insurers. Customers are no longer limited to a single platform. From websites to smartphone apps to live chats, they tend to choose the channel that best suits their needs. They want simple and seamless experiences.

A PwC study found that a third of consumers would abandon a trusted brand after a bad experience, causing companies to shift from a policy-centric business model to a customer-centric one. .

Insurers that do this well will likely achieve success in 2023 and in the long term. This multi-channel, multi-faceted approach improves the customer experience by streamlining processes and providing a personalized, multi-channel experience.

What do you need to prepare to buy auto insurance?

I am planning to buy a car and insurance at the same time. So, what documents do I need to prepare and what is the procedure? (Koi Nguyen, 30 years old)

Reply:

When buying physical insurance for the vehicle, customers need information from relevant documents: vehicle registration, registration (if any), car purchase and sale invoice (for newly purchased unregistered vehicles), paper Vehicle assessment sheet, determine the value of the car before issuing the insurance policy (applicable to the car that is first insured or does not renew the insurance continuously)….

After that, customers need to contact the insurance company for advice. The procedure for buying auto insurance is as follows:

Step 1: Fill out and sign the insurance claim form. The information usually includes: vehicle owner’s name on registration paper, address, contact phone number, control plate number, chassis number, engine number, year of manufacture, car manufacturer, vehicle type, cylinder capacity, number seats, tonnage, purpose of use, vehicle value, insurance products to buy, required extension terms…

Step 2: Assess the vehicle, determine the value of the vehicle before issuing the insurance policy (applicable to the vehicle participating in physical insurance for the first time). Note, this is the job of the salesperson.

Step 3: Pay the premium.

Step 4: The customer is granted a certificate of insurance after paying the participation fee as agreed in the contract. In addition, the insurance carrier will also provide customers with an invoice.

‘Community thinking’ with social insurance

I have paid insurance for ten years, but that amount is not equal to a hospital stay.

I have paid voluntary social insurance since 20 years ago. At that time, the price of gold was about 600-700 thousand dong a piece, the closing rate was from 300,000 dong gradually to 600,000 dong.

When I reached 60 years old and paid full 20 years of social insurance, they charged me 45%, the price of gold at this time was sometimes nearly seventy million dong a tael. So what can you pay for social insurance?

In fact, the current pension in our country is only reasonable for those who are paid social insurance by the state budget, such as civil servants and public employees. There should be improvements in the pension system so that the pension when fully paying the obligations has a certain value.

I think when employees lose their jobs, if they still enjoy certain benefits, no one will withdraw the social insurance once. Once upon a time when I was working in Germany, when I lost my job, I received monthly unemployment benefits (about 70% of monthly salary). After the end of the unemployment period, if there is no job, they are entitled to unemployment benefits (less money compared to unemployment) and when this regime expires, the last amount is social allowance.

Authorities say the insurance fund is in surplus, but it is difficult for workers to enjoy this benefit. I think if the Departments of Labor guarantee this regime for employees and they really act as a bridge between employers and employees, it will limit many consequences of unemployment.

Therefore, the one-time withdrawal of the employee’s social insurance is not only the story of the employee, but it is the professionalism of the authorities, labor departments, employers and employees. .

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