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Insurers are being called to address coverage gaps and enhance resiliency by 2025, as highlighted in a PwC report. The report emphasizes that climate change and shifting customer needs are creating significant challenges for the insurance industry. Insurers have responded by raising premiums and tightening coverage, but innovative solutions are necessary to bridge the growing coverage gap.
The report suggests that insurers should not only incentivize policyholders but also engage with community leaders to mitigate climate risks. Additionally, it stresses the importance of leveraging technology, particularly in data modernization and artificial intelligence, to improve business strategies. By adopting innovative technologies, insurers can shift towards more strategic roles and better meet the evolving demands of the market.
• Insurers must innovate to address climate-related coverage gaps.
• Technology investments are crucial for improving insurance business strategies.
Artificial intelligence is essential for insurers to enhance data analysis and decision-making processes.
Data modernization allows insurers to utilize advanced analytics for better risk assessment and customer insights.
Generative AI can help insurers automate routine tasks, enabling a focus on strategic decision-making.
PwC provides insights on the insurance industry's need for innovative risk solutions and technology adoption.
SunLife offers life insurance products, emphasizing the importance of coverage in the face of climate challenges.
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