BCyber Grace
Submission by BCyber
The past year has put a massive strain on businesses, particularly small and medium ones where they don’t necessarily have the resources to adapt to changing rules, new ways of working, and consumer demands.
The changing business landscape creates new risks, new opportunities, and therefore new requirements from insurers.
Global movement of people and goods has been disrupted through quarantines, Brexit, and issues such as the Suez canal blockage. We expect to see some small business looking more locally for their supply chains.
The cost of doing business will come under pressure, the ability to match risk to capacity needs to be slicker, and there needs to be new products to cover new risks.
This is why we have decided to create a theme around Small to Medium sized Enterprises. This would also include micro-SME solutions which could cover policies in emerging markets, or entrepreneurs leveraging the gig economy.
A major focus of this theme would be automation. To be profitable on low-value policies, the customer journey needs to be very hands-off.