Thought Leadership

2022 And Beyond: The Insurance Industry Playbook

As technology continues to change “the way things are done rapidly,” disruption has impacted all industries in some way, shape, or form. Since the COVID-19 pandemic struck in March 2020, this digital transformation has only accelerated disruption.

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Insurance Industry Playbook

Future-Proof Your Business with the Insurance Industry Playbook 2022

Today, almost two years on, change, disruption and uncertainty are inextricably woven into the fabric of the modern business. With that in mind, the burning question is: how can businesses best future-proof themselves to harness benefits and reduce risks posed by ongoing disruption?

Leveraging decades of experience and a profound understanding of the insurance sector, Proudfoot shares some pointers to help leaders ensure their businesses are adequately equipped with the right information, skills, tools, and people to survive and thrive in this digital world.

Related: 4 channel management trends for insurers

Here are five key takeaways, which we will explore in further detail in the following pages:

People are the key to future survival.

Employee and customer engagement is a fundamental differentiator for future success. Insurers must have confidence in their staff, empowering them to align strategies with customer expectations. This often requires significant internal changes to company culture and recruitment channels to attract non-insurance background staff.

Insurers need to embrace the power of partnerships.

External partnerships — whether with insurtechs, agents, or third-party experts — play a crucial role in welcoming the new world and the new way of doing business.

Insurers should regard insurtechs as collaborators, not aggressive disruptors.

Increased collaboration and partnerships with insurtechs will assist in transitioning legacy businesses into the age of digital innovation.

New technologies need to be easy to access.

New platforms and systems abound, but the user experience is critical for adoption — these technologies need to be simple to use and engage with. This requires more collaboration between insurtechs, regulators, and insurers.

Despite digital disruption, engagement and trust will remain core to future business.

Core human values such as trust have not been disrupted; they stay at the heart of all business transactions.

As we delve into 2022, economies are slowly recovering and finding a new equilibrium; borders are beginning to reopen, and business is gradually picking up across the globe. The future is rife with potential, both globally and in the insurance sector. We hope you enjoy learning more about what is in store for the insurance sector and find our paper helpful.

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Posted on January 22, 2022

By St. John Cameron

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