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Insurance must rethink its role as ‘traditional premise’ no longer enough – survey

March 17, 2023

The insurance industry has for decades lived up to its value proposition of providing capital to cover risk and reimburse losses. But a new survey shows this traditional premise of insurance is not enough for consumers anymore.

Instead, attitudes and behaviours around insurance are increasingly purpose-driven and prevention-focused.

Consumers are looking to insurance companies to act on the world’s biggest challenges, such as climate change, ageing populations, and healthcare gaps. They also strongly want to reduce risks in their lives, according to Bain and Company’s survey.

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