In years past, taking out an insurance policy was a safeguard against life’s unknowns. Seen as a cost-competitive answer to the hidden inclusions on a hospital bill or the astronomical out-of-pocket expense of unavoidable property damage, many held coverage for almost anything they could insure.
From flooding to bushfires, it seems like a big jump, but with La Nina now behind us, it’s important to not forget about bushfires. After the last two years of extreme flooding across Australia, bushfire risk management plans may no longer be front of mind. It’s time to revisit, refresh and reset as the coming months could bring serious fire risk dangers.
The insurance industry has undergone substantial transformation in recent years, with the emergence of new technologies, changing customer demands, and the impacts of economic instability. Keeping pace with the rapidly evolving industry landscape has become a top priority for insurers who wish to remain competitive in the marketplace. In this article, we will examine the major trends shaping the insurance industry and explore how insurers can harness these trends for operational success in 2023.
In today’s inflation-filled world, cost containment is a top priority for insurance companies. The high costs of healthcare, increasing regulatory requirements and rising competition have put pressure on insurers to find ways to reduce expenses and improve efficiency.
The start to 2023 was a catastrophic one for New Zealand, with two severe weather events hitting within weeks. Cyclone Gabrielle and extreme flooding impacted tens of thousands of homes and businesses, causing an unprecedented number of claims. Our Gallagher Bassett teams from around the globe joined together to ensure we delivered exceptional service to our clients when they needed it most. Explore GB’s united response and experience the power of partnering with a global organisation.
As customer expectations continue to evolve, rising demands for more data insights, seamless digital touchpoints and quicker claims outcomes have left many insurers racing to improve their customer service offering. To achieve longevity for your business, look no further than these strategies to navigate changing expectations in 2023.
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The pandemic has changed the way we live, work, and play. How we resolve conflict is also changing, with many courtrooms physically closing their doors in a bid to keep the community safe.
The pandemic saw companies accelerate their uptake of insurtech to solve old and emerging problems, and this acceleration has coincided with an increased acceptance and expectation of these changes from customers.
Some workplaces have emerged victorious from 2020 having achieved greater talent retention, employee offerings, and a flexible approach to effectiveness.
Claims handling and cost structure have well and truly changed in the past 30 years, but some carriers are still seeing leakage from processes that no longer fit modern customer demands and expectations.
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