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Future of Motor Insurance reshaped by the paradoxical year

We all know that 2020 has changed the whole world. It’s the matter of perspective whether the change was better or worse. But 2020 has been the year of immense innovation and adaptability in the face of seemingly invincible adversity caused by the COVID-19 pandemic. Due to regional lockdown restrictions, travel measures and most people work from home motorists have been using their vehicles far less frequently. In order to comply with social distancing guidelines dealerships were forced to make drastic changes to their operating models in Automobile retail market. To enable insurance products, to become more agile and flexible in line with modern consumer demand InsurTech involves the utilization of the latest technological innovations like data analysis, cloud computing, artificial intelligence and machine learning.

The flexibility and agility demonstrated by InsurTech enabled them to adapt to the huge shift in customer demand and step change in how insurance is purchased and consumed. Many motorists who were not using their vehicles regularly did not have to take drastic action nor did they have to risk driving uninsured or committing to an annual policy. The entirely online one-step user experience is the first of its kind in the traditionally outdated and inflexible driveway insurance industry. Now each retailer has its own unique URL, where the customer can obtain a simple single-cost policy in just 90 seconds through an entirely digital process. This gives the speedy renewal of annual insurance to provide the driver with near instant cover so that they can immediately drive their new car while giving them the opportunity to thoroughly research the best annual policy to suit their needs. The concept of insurance to adapt to shifting consumer trends making it confusing for most customers. If they fail to adapt to the new processes, they may be left behind.

There was a clear trend that brand loyalty was in decline, as modern day consumers are no longer prepared to remain blindly loyal to any company period even before Covid. In 2021, I believe that we can look forward to a futuristic economy where ground breaking technology continues to advance at an unprecedented rate to adapt to rapidly evolving consumer lifestyles and subsequent purchasing habits. The consumer will be the real winner and that is in everyone’s best interest.

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Euro zone ministers expect inflation to slow in 2022

The acceleration of euro zone inflation, driven energy prices, is mostly temporary. Then the price growth will slow down again. The euro zone finance ministers agreed that, that too the next year as forecasted by the European Central Bank and the European Commission.

Paschal Donohoe, chaired the talks of the ministers in Luxembourg. In a news conference he said that there was also agreement that the inflation spike was not an argument against the transition to renewable sources of energy. This is under the EU’s ambitious plan of reducing CO2 emissions to zero by the year 2050.

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Under new rules, borrowing for investment sensible

British finance minister Rishi Sunak said that the government borrowing to fund investment was a sensible thing. This is to allow under new fiscal rules that he is likely to announce, unlike borrowing for day-to-day spending. He said that borrowing for capital investment that is going to drive up their growth is probably a sensible thing for them. And that too particularly in an environment of slightly lower interest rate. Sunak stated this in an event on the sidelines of the annual conference of Britain’s ruling Conservative Party. This event was organized by the Taxpayers’ Alliance advocacy group. Sunak stated in that event, that borrowing for more day-to-day spending is probably less something that you would want to have as part of your framework.

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IMF board to interview Georgieva-sources

The International Monetary Fund’s executive board is going to interview Managing Director Kristalina Georgieva. This is regarding that; its reviews claims that she pressured World Bank staff to alter data to favor China in her previous role. Board members were initially expected to meet with Georgieva. But spent their time working on other regular business matters.

The board members spent hours for questioning lawyers from the WilmerHale firm. This is about their World Bank investigation report which alleged that Georgieva, as the bank‘s CEO applied undue pressure on staff, to alter data in the flagship “Doing Business” report to benefit China. Then, an IMF spokesperson said that the IMF board remains committed to a thorough, objective, and timely review of the matter. Georgieva has strongly denied the accusations.

The upcoming interviews could prove pivotal in either increasing support for Georgieva. This is with many IMF shareholders are keen to wrap up the board’s deliberations on the matter. The fund’s most influential member governments, including the top shareholder the United States, have withheld public judgment. The World Bank tasked WilmerHale with investigating the “Doing Business” data irregularities identified in 2020. The law firm’s report contends Georgieva. The former World Bank President Jim Yong Kim’s office pressured staff to manipulate data so that the China’s global ranking in the “Doing Business 2018” study of investment climates rose to 78th from 85th.

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