Survey shows challenges, opportunities for tech & science clients
The survey asked insurance agents and brokers to share concerns and opportunities their tech and life sciences clients have encountered due to COVID-19.
A recent survey from Chubb and TechAssure asked insurance agents and brokers to share the concerns and opportunities their technology and life sciences clients have experienced since the beginning of the COVID-19 pandemic.
Like most industries, those in technology and life sciences had to deal with a huge shift in daily operations when the pandemic struck. According to the survey, 39% said their clients have increased supply chain diversity and 48% said their clients plan to increase their supply chain diversity as a result of COVID-19.
“Technology and life sciences companies are pioneers in innovations, and have helped the world adapt since the onset of the pandemic,” Veronica Somarriba, EVP, Technology Segment, North American Commercial Insurance, Chubb, said in a press release. “In doing so, many of these companies have seamlessly changed the way they operate, potentially creating unintentional new risks and exposures in the process. As these companies continue to evolve, it’s critical that they have a good understanding of any new exposures and ways to properly manage them.”
When it comes to concerns, supply chain shortages topped the list, with 93% of the surveyed agents and brokers reporting their clients are very or somewhat concerned about the issue. Closely behind on the list of concerns were emerging regulations impacting their industry and compliance requirements (86% very or somewhat concerned), privacy and data protection (86% very or somewhat concerned) and an increasingly litigious environment (81%).
The survey also showed positive developments for some technology and life sciences companies. Fifty-eight percent of respondents said the pandemic led their clients to innovate new products and services, 31% said it created new opportunities for their clients to do business in U.S. markets and 28% said their clients found new opportunities to do business internationally.
Chubb and TechAssure’s data emphasizes the need for technology and life sciences companies to work with their agent or broker to ensure their risk management, insurance coverages and limits are always up-to-date based on their current needs. Forty-five percent of respondents reported their clients have already adjusted their coverages in response to challenges created by the pandemic, and 48% said they are currently working with their clients to adjust their policies.