Insurance’s safety net falls short with protection gaps existing across nations. Inflation and the cost-of-living crisis highlight the issue. Closing these gaps and improving customer service requires better risk understanding and relationship-building. FinTech Global and the Association of British Insurers (ABI) recently collaborated to promote insurance inclusivity at a “Tech for Good” event. In an interview, ABI’s Mervyn Skeet discussed the discrepancy between the economically beneficial amount of insurance and the actual coverage purchased. In catastrophic events, coverage can be as low as 50-60%, leading to significant losses.
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