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Exploring Opportunities Beyond Mandatory Insurance

HIGHLIGHT /
Insurance companies have the opportunity to go beyond mandatory coverage, becoming true allies of society by building trust, educating on emerging risks, and embracing innovation for a safer and more sustainable future.

Building Trust as a Foundation

Trust is the cornerstone of any successful relationship, especially in the insurance sector. Clear communication, effective management of expectations, and delivering positive customer experiences are key to preserving and strengthening this bond. Technology amplifies these efforts, enabling faster responses, personalized services, and broader coverage options that ultimately drive growth and loyalty.

 Addressing the Protection Gap

A significant challenge for insurers is the lack of public understanding of their services. By promoting insurance literacy and raising awareness of emerging risks—such as climate change, cybersecurity, and social security concerns—insurers can reduce the “Protection Gap” and expand their market. This approach not only benefits individuals but also contributes to a more resilient society.

Driving Innovation Through Digital Transformation

Digital transformation offers insurers the tools to innovate and create ecosystems connecting smart mobility, healthcare, housing, and business protection. Leveraging data and artificial intelligence allows insurers to design tailored policies, predict and manage risks more effectively, and enhance customer experiences.

By embracing their role as educators, innovators, and trusted partners, insurers have the opportunity to redefine their impact on society. Beyond mandatory coverage, they can drive meaningful change by promoting a sustainable, inclusive, and safer future for everyone.

João Miguel Gomes
Author
João Miguel Gomes
Senior Manager at NTT DATA Insurance Portugal
Published on 29/01/2025
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Business Transformation
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