Entrepreneurship And Health Insurance In Europe: Considerations For Self-employed Individuals

Entrepreneurship And Health Insurance In Europe: Considerations For Self-employed Individuals – Kelly is the Managing Director of Deloitte Consulting LLP’s Actuarial & Insurance Solutions practice, focused on innovation in underwriting and product management capabilities in the property and casualty insurance market. As an actuary with experience in various commercial and specialty areas of the business, he works with clients to develop and implement competitive strategies for managing and underwriting insurance products, leveraging emerging technologies and data sources, analytical decision-making approaches, and improving business processes. .

Sam is the insurance research leader at the Deloitte Center for Financial Services, using his journalistic skills and three decades of industry experience to analyze the latest trends and identify key challenges facing the property casualty and life insurance industries. Sam joined Deloitte in October 2010 after 29 years at National Underwriter P&C, where he served as Editor-in-Chief.

Entrepreneurship And Health Insurance In Europe: Considerations For Self-employed Individuals


Entrepreneurship And Health Insurance In Europe: Considerations For Self-employed Individuals

While the pandemic may have made many small businesses well aware of potential gaps in their insurance portfolios, filling the gaps by selling them more coverage may provide a temporary squeeze on premium volume, but likely won’t maintain short-term retention or long-term fuel. – Term growth, Deloitte Global’s consumer survey showed.

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Instead, many small business respondents are also looking for more diverse and comprehensive solutions than have traditionally been offered by commodity risk transfer policies. Significant segments want more coverage and pricing flexibility, additional risk management services, as well as new sources of insurance, the study said. While this article focuses on the 501 US small business owners who responded to the survey (see the results of more US respondents summarized here), these sentiments and trends were largely echoed by the 5,300 respondents from 14 countries.

In light of these findings, most small business carriers may need to reinvent many existing products, launch new types of insurance for emerging risks, expand distribution options, and enhance service capabilities, rather than continuing to compete and differentiate primarily on price and coverage levels.

If a significant paradigm shift in the small business market is indeed underway, legacy insurers may be well-positioned to transition to new business models as confidence levels among respondents have increased during the COVID-19 outbreak – especially among those who have filed. claim (Figure 1).

The main reasons given by respondents for increased confidence include premium reductions before businesses had to close, advice offered by insurers on how to cope with the effects of COVID-19, and accelerated claims settlement.

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However, the level of trust is likely to decline over time if insurers do not pay attention to the needs and preferences of small business customers. Deloitte Global’s survey revealed several potential vulnerabilities for legacy carriers – any of which could undermine their ability to compete with cutting-edge InsurTechs and a variety of non-traditional players outside the industry. This article examines options that insurers can consider to adapt to this changing landscape.

Confidence levels are likely to decline over time if insurers do not pay attention to the needs and preferences of small business customers.

Deloitte Global conducted online interviews in the summer of 2021 with 5,300 small business insurance buyers in 14 countries across North America, Europe and the Asia/Pacific region across a variety of industries; Among them were 501 American respondents. Although the main trends from the global survey results were fairly consistent around the world, all data references and charts in this article refer specifically to US respondents.

Entrepreneurship And Health Insurance In Europe: Considerations For Self-employed Individuals

Only those respondents whose businesses had an annual revenue of less than USD 24 million were allowed to participate in the survey. 82% of US respondents earned less than $7 million (including 62% less than $4 million), and 10% reported $7-13 million.

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In the wake of the pandemic, a Deloitte Global survey revealed greater concerns among a significant segment of small businesses about the adequacy of their insurance coverage, emerging exposures and lack of policy flexibility.

At the very least, carriers and their brokers should seize the moment and consider upselling existing customers by raising the level of coverage for those worried about underinsurance. That alone could satisfy the one-third of respondents who expressed a willingness to purchase more coverage.

However, insurers may have an even greater opportunity to increase the overall pie by marketing additional coverage for new risks. As the risk landscape for small businesses expands, the survey found that many respondents are worried about the exposure to new types of losses than are typically covered by traditional policies. For example, respondents showed the most concern about the growing cyber risks in the increasingly digital economy and, as a result, many are more open to purchasing independent cyber insurance coverage.

At the same time, pandemic-related lockdowns have sparked more interest in business interruption coverage, as well as the idea of ​​a “work-from-home” policy that covers business-related liabilities, equipment, worker injuries and data security. Cover for such risks is usually extended to people who own and run businesses from their homes, such as the ‘work from home insurance’ offered by AXA UK.

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But those with brick-and-mortar offices that have remote employees working part-time or full-time are likely to need more flexible terms or entirely new policies.

Such coverage may also appeal to gig workers who serve as independent contractors out of their personal property — such as the insurance offered to Uber drivers that kicks in when they’re at work, breaking their own personal auto insurance when they’re offline.

Given the uncertain nature of business conditions during and possibly long after the pandemic, many respondents indicated that annual reviews and one-time coverage adjustments may no longer be a viable model. Almost two-thirds think they should be able to adjust their coverage and premium charges throughout the year as conditions change. However, the main reasons for seeking such flexibility were not focused on costs, with only one in five saying they were simply looking to “pay less”. Instead, respondents are more interested in optimizing their coverage (Figure 2).

Entrepreneurship And Health Insurance In Europe: Considerations For Self-employed Individuals

One example is turning off coverage during downsizing periods, such as workers’ compensation policies like those offered by The Hartford.

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Such coverage can be adjusted when a small business lays off workers, as it did during a shutdown related to COVID-19, or during a seasonal lull. Policies can also be short-term, with nearly half of respondents indicating they prefer to pay a variable monthly fee based on the use of the insured assets.

Beyond flexibility, insurers may improve their market position by bundling more commercial coverage and offering discounts in return, as is common in the US personal lines market. Auto and homeowner writers like State Farm

Some already offer the benefits of combining coverage with small business customers, as they do with personal lines insurers. This can save money for buyers and increase retention prospects.

Adding parametric triggers to the policy is another option, streamlining the claims process by automatically paying when a significant event such as a flood or storm occurs in a designated area. One example is Zurich North America’s parametric construction weather insurance for project owners and contactors, with claims paid based on predetermined weather events without proof of physical loss.

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A Deloitte Global survey indicates that many respondents are interested in supplementing policies with value-added services. This should create an opportunity for differentiation by offering tailored, holistic approaches to risk management rather than basic, commodity risk transfer policies.

However, providing additional consulting services can be financially challenging given the relatively modest premiums and sales commissions typically charged by small businesses. So how can insurers make the Safar Plus program commercially viable?

Developing more automated do-it-yourself services can fill the gap. Robo advisors can be programmed to explain basic coverage terms and conditions, review the adequacy of deductibles and limits, and check claim status. They can also help small businesses identify potential exposures that may require approval to enhance existing policies or offer additional coverage purchases.

Entrepreneurship And Health Insurance In Europe: Considerations For Self-employed Individuals

Such automated support, common to small asset customers at investment management firms, is already being provided to personal insurance customers through a variety of vendors, including EchoSage, which offers policy reviews powered by artificial intelligence and machine learning.

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The top four areas that respondents said they are most likely to ask an insurer for advice on are fairly basic and should benefit from automated self-service (Figure 3).

However, Deloitte Global’s survey also found many respondents wanting guidance in tackling more complex challenges such as cyber security, systemic risks and legal issues. In such cases, insurers and agents may charge additional fees for risk management services. But since small business budgets are often very limited, automation can still be a viable alternative.

For example, policyholders could be offered online, interactive, industry-specific cybersecurity training programs that would benefit insurers and purchasers by limiting losses. Such programs may be produced by insurers or vendors, then offered directly to policyholders or provided through agents. One example is CyberAcuView, a cyber risk mitigation company created by a leading cyber insurance group.

Another alternative is a hybrid model, with robo-based self-service supplemented by video conferencing or instant messaging directly with an advisor—as exemplified by investment management firms such as Ellevest.

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