North AmericaUSA

Best Practice: Find Out What Will Shape Our Industry in 2022

As we head into that final stretch between Thanksgiving and the New Year, it’s important we take stock of our key learnings from this year.

The year 2021 was shaped by a challenging talent crunch, an agile and evolving workforce, and cyber threats—with many organizations feeling the effect on their growth and development.

So, how do we wrap up the year that was and ensure 2022 is stronger? Here are the three trends we believe carriers should consider:

1. Prioritizing people
It has undeniably been a challenging year for insurance carriers wishing to retain and acquire new staff while maintaining focus on their customers’ experience. In 2022, it’s going to be more important than ever to set clear expectations and standards for how employees should treat policyholders, resolve claims, and promote their employer externally.

Setting these expectations will ensure that your team will always be poised for success and be a great predictor of growth for the business. Diversity, equity, and inclusion measures will continue to be a core part of every modern business operation, and a carrier’s ability to acknowledge, support, and recognize every person who is part of the team is a key component to retaining talent.

Another tactic you can employ to overcome talent challenges is to form strategic partnerships. Whether it’s a TPA for claims management, risk advisory to assess your operating environment, or recruitment specialists to search for the best talent for your future, partnering with the right organization can alleviate much of the friction in your business and provide you with long-term stability.

2. Preparing for when, not if
The past 18 months have proven that anything can happen, and your risk register is not a hypothetical list but a predictor of the future. It’s important that every business has contingency plans for their workforce, operating processes, and technology. While some were ready for employees to work remotely, many carriers weren’t prepared and didn’t have the processes or boundaries in place to maintain talent in line with business expectations.

In 2022, the shifting work environment will see many Americans not wanting to return to the office, seeking employers who can accommodate their lifestyles and preferred way of working. This could lead to an even tighter pinch on resourcing, and in the face of increased severe weather and other catastrophic events, carriers need a contingency plan to support their policyholders in their time of need. By engaging a partner who can support your business before an event occurs, you can set yourself up for success.

Further to this, the strain of evolving technology and operating disruptions could create new, complex scenarios for carriers in the New Year. Without a clear strategy for navigating these headwinds, it will be difficult to find a way through.

A strong risk profile includes a thorough, tested plan for what partners, teams, and resources are needed to manage these situations when they occur.

3. Protecting valuable data
We’ve all seen the rise in ransomware and cyberattacks in 2021, with the effects of these disruptions that include seeing ambulances rerouted, medical records inaccessible, or other serious business and claimant impacts that compound the issue for insurance carriers.

Cybercrime is a challenging issue to confront—but one that does not have to be dealt with alone. There are many cybersecurity vendors who specialize in negotiating and responding to these incidents, and these vendors should be a valuable part of your business continuity planning.

I hope I was able to offer you some insights into the opportunities ahead in 2022. It’s set to be an exciting year for us as an industry, and I look forward to connecting with you in the New Year.

Stay well,
Jon Stambaugh

Jon Stambaugh

More Posts

Insights

How To Gain a Competitive Edge in Today’s Market

The insurance industry has long been regarded as a stable and reliable sector, but it is not immune to the challenges of today’s fast-changing business landscape. Mutual and mid-market carriers are facing a confluence of factors that are impacting their bottom lines, including rising business costs, complex claimant needs, and the mounting impacts of inflation. As a result, many mutuals and mid-markets may be feeling stuck and struggling to get ahead. However, for those seeking to move forward, leaning on a strategic partner could be the answer to unlocking the tools and expertise needed to address these challenges.

Read more
Insights

GB’s Key Takeaways from the TMPAA Mid-Year Meeting

The Target Markets Program Administrators Association (TMPAA) Mid-Year Meeting took place on May 1–3, and our Gallagher Bassett Carrier Practice team took full advantage of the ample networking and educational panels while discussing opportunities to collaborate and prosper in the program business space.

Read more
Insights

Five Ways GB’s Award-Winning Luminos RMIS Suite Supports Carriers to Achieve Superior Outcomes

Carriers are constantly seeking new ways to improve their claims outcomes, and Gallagher Bassett’s (GB) award-winning Luminos platform has emerged as a critical tool in achieving this goal. Recently named the top RMIS platform for its sixth consecutive year in the 2023 Redhand RMIS Report, GB’s Luminos RMIS suite offers comprehensive risk management capabilities and cutting-edge digital features that have helped carriers achieve superior claims results.

Read more
Insights

Expert Insights: Top Insights and Takeaways from RIMS 2023

In the evolving world of risk, embracing connection, discussion, and insight is the gateway to preparing for what lies ahead and setting a foundation for future success. The array of thought leadership sessions, educational seminars, DE&I discussions, and state-of-the-art solutions at RIMS has certainly empowered risk professionals to bring innovation to the heart of their operations. Our team at Gallagher Bassett (GB) shares the top insights we will be taking back to our desks.

Read more

Keep your finger on the pulse of the latest industry news and insights.

Sign up to our monthly newsletter today.

Hi there!

Want to drop us a line?  You can get in touch by filling out the form below and we’ll get back to you as soon as possible!