So, how will this fast-tracked movement towards digitization impact the industry? Here are three key trends we expect to see expand into 2021:

Operating a commercial enterprise in the midst of a global health pandemic has forced businesses to closely consider their practical health operations from guidelines to strictly enforced rules. This comes into play in managing our own workplaces – offsetting risk and reward with a greater emphasis on the role of our people as our most valuable assets – creating safer workspaces and adopting new ways of working enabled by greater work from home capabilities. Plus, the pandemic has called into question how insurance carriers manage their businesses, outsourcing and collaborating to best navigate how they can continue to support customers in a new virtual context.

Over the course of the study, the top 20 per cent of carriers generated an annual average profit of $764 million, compared to just $26 million for the middle 60 per cent.

The customer experience can have a direct impact on your bottom line, with unhappy customers increasing administrative burden and ultimately ‘voting with their feet’ by departing in search of another provider.

Earlier this year, we had the opportunity to put questions to the global leaders of Gallagher Bassett, capturing their thoughts on the challenges – and tactical solutions – facing the insurance industry. Our panel consists of:

As surge events and matters of business interruption are increasing, let’s examine how the Asia Pacific region responds to these events and learn how a similar approach can be best applied no matter where you are.

For the insurance industry, the financial implications of the last 12 – 18 months have been a litmus test: from the HIH scheme collapse, to those insurers and third-party administrators (TPAs) better resourced to ride the waves after making sound investment in predictions that ultimately paid off. This year more than ever we’re seeing the importance of having the right resources, systems, and infrastructure to support rapid ramp up (and down) to meet market needs.

While the insurance industry remains one of the most resilient in the current climate, there is a critical skills gap. A shortage in suitable applicants with relevant experience and specialized knowledge – vital for effective insurance practice – has left many organizations without sufficient human capital.