THIS IS HOW INSURANCE IS CHANGING

WITH THE PANDEMIC

Technology and the COVID-19 pandemic have changed the way we interact, communicate
and consume, and have also changed the risks we have to face
The new insurances are adapting their services to these new needs and demands. The impulse of
digitization, progress in environmental matters or health are reflected not only in people's habits,
but also in the news that insurers offer in their coverage.

INTERACTIVE HEALTH INSURANCE

During confinement and the situation of social distancing and prevention measures, health
insurances are adapting their policies to cover diagnostic tests and offer treatment services in
case of illness.

However, beyond the socio-health crisis, concern for health and well-being is a trend that was
already on the rise. Interactive health insurance that is managed from the mobile app or
smartwatch is already a reality. They allow from online consultations to programs to encourage
physical activity, giving points and discounts for the number of steps or according to the daily
exercise performed by auto for trade.

SPECIFIC INSURANCE FOR ELECTRIC CARS

The Spanish car fleet is in full electrification, and the change has accelerated with the decline in
sales of private cars, a greater awareness of environmental protection, and the rise of electric
rental cars in cities, especially from the COVID-19 pandemic.
Forecasts suggest that by 2030 electric cars will reach 28% penetration in the automotive
market. State incentives, their role in reducing CO₂ emissions and the cost savings that they can
lead to, is more than enough to cause a change in purchasing decisions.

The sector is adapting to this new reality and differentiated insurance is already being offered
for this type of vehicle . The reason is that due to the characteristics of electric cars, the possible
incidents are different from the usual ones. The specific insurance coverages contemplate, for
example, situations such as running out of battery, failure of the charging socket, or towing to a
point where the vehicle can be recharged.
THE NEW TRAVEL INSURANCE IN A COVID-19 WORLD
The tourism sector has been one of the most affected by the COVID-19 crisis. However, the
summer in Spain has shown that the profile of holiday destinations has changed, but the
dynamics of travel has not disappeared. Now we plan more in the short term, we travel closer,
we flee from crowds and we prefer natural spaces.

Some travel insurances have adapted to this scenario characterized by uncertainty, offering
specific coverage for COVID-19. Quarantine in the hotel, cancellation due to illness or
repatriation are some of the new clauses of these companies in times of the coronavirus.

THE NEW HOME INSURANCE

Home automation is already a reality in the houses of the present. Technology has entered our
homes to offer smart, connected spaces, with remote control and voice recognition, and they are
not always easy to use systems. Insurance companies are updating their products and services to
facilitate home comfort with assistive technology options or configuration of computer
applications.

SAFE FOR CYBER ATTACKS

The risks to people are no longer solely physical. Small, medium and large companies have to
protect their assets, their data and their activity from possible cyber attacks, identity theft or
information theft.

Teleworking, increasing use of technology or cloud storage are factors that make us more
vulnerable. Some of the main insurers already offer specific coverage for these cases in order to
protect the company against the risk of hacking.

The market rules and in this new socio-economic context insurance must adapt to the new needs
of consumers. Among the challenges that companies face are streamlining procedures remotely,
facilitating communication with users and above all, the commitment to innovation.