Page 12 - Turkinsurance Digital Magazine

10 cover story

Shifting the global balances to a great extent, the pandemic has The market will become digital
resulted in changes on a global scale due to the economic losses it
has caused so far. As a business that is based on risks, insurance Apparently, risks will not be the only factor impacting insurance
market is estimated to experience one of the greatest impacts due market on a global scale after the coronavirus pandemic. The
to the coming changes. Insurance market experts state that pan- market is also expected to be impacted by changing customer
demic risk will continue to exist in the coming future as a phenome- habits, which my result in changing the business manners. There
non threatening human lives. It is estimated that several other viral has been a trend of digitalization in the insurance market, par-
illnesses may emerge in the coming future depending on the increase ticularly for the last 5 to 10 years. Insurance market has been
of global population and social relations and further globalization; altering most of their business processes in accordance with
just as avian flu, swine flu, SARS, MERS and ebola virus pandemics technological developments, and this has also included online
did in the past. Pandemic risks naturally concern health insurance insurance. As customers tend to address most of their require-
market, and awareness about health insurance products is expected ments over online platforms, insurance market began to incline
to climb as they become highly preferred products after this global towards online channels, too. Customers who preferred to insure
pandemic. In parallel, renewal rates for health insurance policies their risks but had to stay at home due to social isolation and
are also expected to increase.