The four trends that define insurance in 2020

Insurance customer expectations are changing.

At first glance this may not appear to be a ground-breaking insight. However, according to new research from global professional services firm Deloitte, compiled following a survey of 200 leading insurers across Europe, the Middle East and Africa, ‘expanding customer expectations’ have been identified as the biggest challenge that insurance firms will face over the next three years.

Undoubtedly consumers’ own demands on financial service providers are increasing as the world develops around them at unprecedented speed.

As the A demanding future: the four trends that define insurance in 2020 report states: “In an age of immediacy, constant change and overwhelming choice, where loyalty is no longer a given, the industry has to extend beyond its core products and services if it is to retain its customer base.”

There’s clearly a growing market demand and requirement. Deloitte’s report found that 62% of those polled believe that new, non-traditional products are the key to attracting new customers, while 45% cited value-adding non-insurance products including cyber response support, security, and household services as being most important to customers.

The knock-on effect of this is that the industry has to adapt to a more dynamic, and indeed disruptive, customer. And the need for this adaptation doesn’t just rest with insurers themselves. There is a requirement for insurance brokers to create customer value too. How? By acting as a true expert and trusted advisor of choice across a range of business-critical matters.

Michael Whitfield, Managing Director for CPP Group UK

The cyber risk space offers insurance brokers a great opportunity to show real worth to their SME customers, many of whom will probably wrongly assume that their core commercial insurance policies provide adequate coverage against cyber risks. Insurance brokers are uniquely positioned to be able to advise their customers on risk management matters – especially in respect of cyber risks. It’s a huge mistake for insurance brokers to think that their role is purely to help customers buy insurance products.  

Providing expert advice will help insurance brokers to remain competitive in the face of ever-growing challenges from commoditisers to their core insurance product provider role. Some of those commoditisers have proven themselves to be very efficient in providing simple products, aligned to easily identifiable customer needs. What they generally can’t do is provide any effective or meaningful advice. It’s this ‘advised’ space that brokers urgently need to claim and to occupy.


A key focus for us is to provide brokers with great cyber insurance and risk management products, underpinned by insight and innovation. We also want to play a part in educating brokers and insurance providers in how to approach this complex subject.

Cyber insurance is a helpful and important product in its own right. In fact, CPP will be offering a market leading cyber insurance product very shortly.  However, putting in place risk management measures that will help to stop claims arising in the first place is of paramount importance in achieving good outcomes for customers and is a great way in which brokers can demonstrate their value and their ability to provide expert advice.

Interestingly, respondents in Deloitte’s survey also noted that organic growth and innovation developed in-house will no longer be enough to guarantee growth for the sector. Strategic alliances and collaborations with InsurTech, as well as deal-making abilities, were cited as key for future success.

Here at CPP Group UK we’re already ahead of the curve. Take our investment in the cyber risk mitigation product provider, KYND for example. KYND enables SMEs to ensure that their IT systems are protected, testing them before the hackers do.

As the Deloitte research indicates, customers now live in an age of immediacy and constant change, with their needs and expectations expanding. With this in mind and in a world where cyber risks are emerging and changing by the minute, KYND has developed pioneering technology that makes cyber risk simple to understand, quick to monitor and easy to prevent. Providing advice and guidance in ‘plain -English’, customers don’t need to be an IT expert to understand the issues and to take appropriate action.

Using new technology and collaborating with like-minded partners whose focus is on providing the best products and service to customer is the way forward in the ever-changing cyber landscape. We will be launching a range of insurance and risk management products into the UK insurance broker marketplace and on the Acturis platform in early autumn 2019.

New agency agreements with selected brokers will be offered between now and the autumn launch dates. If you’re interested in finding out more, please drop us a line or contact us directly at

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