Over the horizon: A look at the insurance industry

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Over the past 20 months, the insurance industry has had to adapt to using new technology to work and communicate with policyholders. They have rethought how policies are sold, claims filed and investigated, and even how they are paid for due to the pandemic.

However, disasters still happen. It’s been a very active wildfire season, there have been several major hurricanes, the coronavirus continues to affect how businesses open, and businesses are learning to operate in a new hybrid environment.

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The latest Insurance Speak podcast features a conversation with Bryan Falchuk, a P&C veteran who has led jobs at several carriers, has been an industry consultant at McKinsey and has been a pioneer in insurance technology. He runs an industry consulting firm called Insurance Evolution Partners, and is the author of the book series, The Future of Insurance. It discusses some of the major factors that have affected the insurance industry over the past year and highlights the many areas that carriers should monitor in 2022.

One myth that insurers have debunked amid the pandemic is that the industry is slow to respond to change. Insurance touches every aspect of daily life in many different ways. “Once you start researching, the question becomes ‘Where does insurance not come into contact?'” says Falchuk. “We are everywhere.”

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He contends that the industry must become more aware of how quickly “we can move to deliver on customer promises”.

Falchuk says many carriers were expecting to see the digitization of their operations in 18-20 months, but during the pandemic, they’ve been able to implement many of those changes in just days and weeks. However, he cautions against being too slack in these accomplishments. He said, “The bar has gone up, and we need to keep moving forward.”

Among the issues to watch in the coming months, Falchuk recommends that insurers monitor climate change issues and their impact on property exposure. Many carriers are also taking proactive stances regarding ESG activities and choosing what risks they will or will not cover in this area in the future. “We have to be a company of good citizens, and that’s within our control,” Falchuk advises.

To hear the full discussion on this and more, listen via the link above or sign up for Insurance Speak on spotifyOr Apple Music, Google Play, or Libsyn.

Related:

How social change and sustainability affect corporate leadership

An emerging La Niña phenomenon, bringing the potential of severe weather

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