We all had to rapidly adjust to a virtual world in 2020, and the importance of being able to harness technology and data to optimise the customer experience is unlikely to lessen this year.
From the Townsville floods in 2019 and Brisbane’s similar devastation in 2011 to North Queensland’s Tropical Cyclone Yasi in 2011, Gallagher Bassett has been on the frontline helping organisations manage claims with every catastrophic event in the Southern Hemisphere.
It goes without saying that 2020 has been – dare we say it – an ‘unprecedented’ time. As employees around the world adapted to ‘WFH Status’ almost overnight, technology was evolving faster than people could dream about it. New insurance products are launching to market and those customers have particularly high standards – they want very specific coverage and they want it now.
2020 has shown us how quickly circumstances can change and the importance of fluid business models that are both able and willing to adapt to these new operational contexts. Paying attention to emerging global trends, consumer insight and findings from our work across some of the largest insurance carriers around the world, we’ve collated the 6 trends (re)defining the new reality for insurers.
A four-year study conducted by McKinsey & Company revealed the existence of a power curve within the insurance industry akin to the 80:20 Pareto Principle.
Thinking about outsourcing your insurance claims management to a third-party claims administrator? In working with some of the most respected insurance carriers across the globe, here are 5 benefits we’ve seen clients gain from engaging the right TPA:
GB’s carrier executives address top industry challenges
Insurers are struggling in the midst of a talent crisis. Despite high unemployment rates in Australia, a critical skills gap threatens the growth and success of the insurance industry. But with the right strategies in place, forward-thinking organisations can harness the challenge to enhance their position in a competitive market.
Australia and New Zealand have the highest rates of catastrophic events in the world. In 2020 alone, we have seen flooding, bush fires, hail, cyclones and earthquakes that have destroyed and damaged entire cities, towns and ecosystems.
Leading industry publication Insurance Business spoke to Gallagher Bassett’s Chief Operating Officer Brad Smith on elements you need to consider …
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