Sponsored content: John Fearn, chief client officer at Gallagher Bassett, share his tips for market resilience to support insurers in achieving lasting stability
With the end of the year in sight, insurers are gearing up for the challenges and opportunities that lie ahead in 2024. This year has proven to be a turbulent one, marked by inflationary pressures and severe weather events, resulting in a number of challenges for the industry.
It has become essential for insurers to focus on building market resilience. Strengthening against evolving industry challenges will be crucial to achieving unwavering success in the years ahead.
Invest in expertise
Staying ahead of the curve starts with gaining deep expertise in the nuances of the insurance sector. From rising technologies, the changing regulatory environment and best claims and customer practices, leaning on expert strategies is central to achieving stability in an unpredictable industry environment.
Insurers who are well-versed in responding to industry shifts can manage risks more effectively, allocate resources to capitalise on growth opportunities and adhere to compliance requirements.
Forming partnerships with industry experts can provide valuable insights and guidance to enable insurers to remain at the forefront of industry knowledge.
Technological innovation is just one example of where insurers who have embraced innovative tools have unlocked new capabilities in data analytics and streamlined claims outcomes.
Leveraging dedicated claims experts in this way can be instrumental in freeing up your resources to make more impactful, data-led decisions for strategic growth.
Attract and retain
The insurance industry has faced a persistent workforce demand and supply imbalance, making it challenging for insurers to attract and retain top talent. To address this issue, insurers must revisit their employer branding and focus on the attraction and retention of skilled professionals.
Offering competitive benefits, opportunities for career growth and flexible work arrangements can contribute to talent retention. By investing in the development and mentoring of emerging talent, insurers can ensure a continuous influx of skilled professionals into the industry.
A strategic claims partner can offer support during talent shortages, providing expert resources to keep operations running smoothly.
By seamlessly integrating as an extension of the team, outsourcing claims experts can reduce internal pressures, whilst helping support and deliver critical strategies to cement superior claims management.
Superior customer service
Taking a customer-first approach is another way to ensure your business remains protected against market fluctuations. In the current climate, customer expectations are rapidly changing and external stressors, such as rising costs and weather-related risks, are only adding to the importance of superior customer service.
One way to achieve this is by utilising digital innovations and claims technology to offer a streamlined and efficient claims experience for customers.
By optimising and automating claims processes, insurers can accelerate claims outcomes and exceed customer expectations.
Leveraging data analytics can also provide insights into customer preferences and behaviour, enabling insurers to personalise their offerings and services. Consulting a strategic claims partner can also be instrumental to keeping pace with evolving customer expectations.