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Anupam Govil, a partner and the head of insurance practice with Avasant, congratulated the winners noting, The pandemic has exacerbated vulnerabilities in traditional insurance business models. Customers expect more personalized solutions that align with their lifestyle and budget. Carriers need to leverage behavioral economics and collaborative ecosystems to compete in the post-COVID economy. Some of the findings from the full report include the following: Property and casualty (P&C) insurance companies should: 1. Leverage behavioral economics, IoT, and telematics to develop personalized insurance plans and proactively mitigate risks. Use behavior incentivization through telematics and real-time monitoring technologies to offer more flexible and usage-based insurance (UBI) products, especially for auto coverage. ....