North AmericaUSA

Three Ways Insurers’ Lives Will Be Transformed in 2021

So, how will this fast-tracked movement towards digitization impact the industry?

Here are three key trends we expect to see expand into 2021:

1.Increased Transparency

Given the way technology has led to mass innovation across a variety of industries, it’s now giving providers a chance to specialize and provide more tailored niche service solutions. As a result, we are seeing an increasing number of smaller business providers entering the market. With these increased offerings come increased competition, meaning clients are facing the challenge of getting reliable information from service providers on contracts, and processes.

As smaller businesses have emerged, there have been calls for a shift in the way larger providers reveal information pertaining to their policies, contracts and prices. Consequently, this creates opportunities for business innovation and better investment options given their greater access to information.

Calls for transparency are also becoming increasingly important due to government intervention. The UK Government, for example, stated they will be implementing steps to enforce transparency policies for outsourced services following a number of requests for information. More countries are expected to follow suit, enforcing more rules and regulations surrounding transparency policies which will undoubtedly change how the industry operates over the next few years.

2.Cloud Computing

Cloud computing has already changed the game with data storage and data sharing in the outsourcing industry, making data retrieval and sharing faster, easier, and more secure. Cloud platforms are also creating opportunities for businesses to stay competitive by eliminating unused space and storage, creating a more cost-effective system.

Cloud storage has the capacity to reduce IT spend, saving businesses space and maintenance costs. It is expected that as this technology continues to develop, it will increase service outputs by encouraging data sharing between clients and providers.

Although it already exists, we expect to see businesses increasingly integrating the cloud system into their data management practices as it becomes industry standard.

3.Platform Diversification

As social media continues to dominate more of our lives, it is expected that the customer’s preferred communication channel for engaging their insurer may change. Mobile applications and social media alike can facilitate near-instant communication between the provider and customers for solutions or queries, creating a more positive and productive experience. This will change customer management practices in the industry going forward, with businesses likely to develop social-media specific taskforces and teams offering services outside of standard business hours to satisfy customer demands for multi-channel, instantaneous support.

Moving forward, we expect to see updates in the insurance industry that change how we communicate with both our clients and their customers, as well as how we manage our data and data sharing practices. As technology and customer demands evolve, we look forward to seeing how we can adjust to these growing new practices.

Read more about post-pandemic insurance and how you should prepare going in to 2021 and beyond.

For more great insights, whitepapers and case studies, visit our Insurance Carrier Resource Centre.

To find out more about how Gallagher Bassett partners with insurers to deliver custom claims solutions that support your business contact us today.

Joe Berrios

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!