What will the protection of the future look like?
The pandemic has transformed policyholders’ needs and ways of doing things, prompting CNP Assurances to revitalise and reinvigorate its protection solutions for people.
While there are many uncertainties about the world of the future, CNP Assurances is completely clear about a number of things. With the looming economic crisis, purchasing power, and thus pricing, will become crucial factors. Health and safety will be most people’s priorities for several years. Technology will play a key role going forward. It has been welcomed into most homes after proving its effectiveness with online shopping, classroom and track & trace solutions.
The effects of the crisis on the personal risk decisions people in France make are already coming to the fore. We could well see greater interest in cover against loss of employment, which is not currently very popular (4%). What surveys(1) already indicate is that people in France are now more mindful of their own mortality and interested in arranging financial cover for that scenario.
The big unknown is whether households will be able to afford this type of non-mandatory cover, as opposed to mandatory term creditor insurance, and also motor and home insurance. Insurance buyers could be put off as a result of the tough household budgeting decisions they face, which will depend on the length and depth of the looming recession.
We have set up a strategic initiative to devise the protection solutions of the future. Its remit is to analyse experiences of the pandemic and predict policyholders’ future needs. It is opening the door to a wide-ranging overhaul of the cover, services and processes we deliver, while always considering the affordability of our insurance.
(1) Wave #5 of the IPSOS DataCovid barometer.