AGAINST THIS BACKDROP, FJORD SEES FIVE MAJOR Today’s volatility aligns with the meta-trend that lies beneath IMPLICATIONS FOR PEOPLE’S BEHAVIOR NOW, AND IN Fjord’s trends for the year: a realignment of fundamentals that THE FUTURE offers a once-in-a-lifetime opportunity to reshape business models, services and products around new definitions of value. • Brand trust will be more important than ever. Those that embrace a long-term view—starting with their impact • Everything that can be done virtually will be done virtually. on the world and society—will emerge as winners. • All companies will treat health as a foreground concern. OLOF HIGHLIGHTS THREE FJORD 2020 TRENDS AS PARTICULARLY RELEVANT FOR INSURERS • People will cocoon inside their homes. • Liquid people: We could see the ‘death of demographics’ • Consumers’ attitudes to authority will be reshaped by their as people look for insurers that can seamlessly provide perceptions of how well governments, health services and other coverage across their changing lifecycle stages and fluid institutions in their countries managed the crisis. day-to-day lifestyle. To keep up with these trends, Olof recommends that insurance • Designing intelligence: Deployment of advanced analytics companies adapt digital employee and customer journeys, and artificial intelligence with a human-centric design to building flexible offerings to address our new way of living. collaborate with people and improve business outcomes. They should focus on personalized, omni-channel experiences to nurture customer loyalty. Finally, insurers should identify how • Digital doubles: A similar concept to ‘digital twins’ the pandemic is creating a new environment for new products for machines—the sophisticated use of data to better and services. understand, predict and model people’s future behavior. AN INNOVATION AGENDA FOR THE COVID-19 ERA 06