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The Great Reset in 2023

Since 2020, the world has experienced significant changes, many of which will be permanent. There has never been a better time to re-evaluate and reshape your business model, goals, and objectives to prepare for the year ahead. We take a look at the main factors contributing to today’s industry shift and share the solutions insurers need to know in order to leap forward in the great reset. 

After two turbulent years, the global pandemic’s end is in sight and with it comes a new world, one in which the insurance industry now needs to reset. The world has experienced significant changes since 2020, many of which will be permanent. The insurance industry has certainly felt these changes and will need to transform in order to adapt to today’s new world in what will be the great reset.

There has never been a better time to re-evaluate and reshape your business model, goals, and objectives. The first step is reframing the role and purpose of insurance in today’s society. There are several factors contributing to this shift, from digital transformations, the ongoing battle to attract and retain talent and the drive to regain momentum and stand out from the crowd.

While it’s important to reflect on the past two years, it’s even more important to equip your business with the tools and resources it needs to help you reset in 2023. Here are the top three things to consider to leap forward in the great reset:

  1. Innovation and technology in the insurance industry

Taking the world by storm this year already is technology and innovation. As the insurance landscape continues to evolve, new driving forces are emerging around recent trends from digital automation and process improvement, and those that embrace these trends have a unique opportunity to leap forward in the market.

Keeping pace with ever-evolving technology will be the key to insureds’ success this year. Effective data analytics, efficient integration and leveraging of data can provide businesses with the edge they need to capitalise on strategic opportunities.

RMIS platforms can analyze a wide scope of data, delivering more accurate predictions on individual claims, markets and consumer trends, allowing businesses to make better-informed decisions. Access to this convenient and precise data can transform the ability to create new products and services while enhancing existing product lines, putting you a step ahead this year. In today’s competitive market, data insights can offer firsthand knowledge of market opportunities and customer behaviours, providing the necessary tools to gain new leads and ignite the business growth you need.

Partnering with Gallagher Bassett offers access to the best-in-class RMIS program, LUMINIOS, an advanced data analytics platform, while alleviating the capital and additional resources required to establish or maintain a platform of this caliber. Improved data accuracy will reinform trust in your partnerships, ultimately contributing to your credibility and reputation, which is a golden key to standing out in today’s new world.

  1. Reimagine your employee proposition to attract and retain talent

2022 was the year of the Great Resignation, and it has followed us into 2023. It’s predicted that the battle for talent will continue throughout the next 12 months, so the strategies you put in place now will be critical to helping you combat the talent gap.

Staying ahead of the curve by setting up the correct strategies now will help ensure you are motivating and retaining the right people for the job. The top three strategies that businesses should implement this year to manage employee recruitment and retention include:

  1. Offering flexible working arrangements – The biggest change the world has seen over the past two years is that people want a better work-life balance and they’re willing to walk away from employers who don’t meet their expectations. Offering flexible working arrangements will help retain and attract great talent and will contribute to becoming an employer of choice.
  2. Talent retention through a job well done – In today’s new world, it’s smart for leaders to assume their team members are looking for employment elsewhere. This mindset will help you create a plan for job satisfaction, and ultimately encourage them to stay. Whether it’s internal job opportunities, promotions, or bonuses, offering direction and incentives will demonstrate that they matter.
  3. The younger generation – Attracting the next generation of talent to the industry has proven to be a challenge, and it’s never been more important to showcase to Gen Z why they should join your team. Recognising the various value contributions and skill sets instilled in the younger generation will help you design relevant strategies for recruitment, personnel management and retention planning. Establishing systems that support emerging technologies and innovation will also help position your workplace well against the competition.
  1. Regain momentum and stand out from the crowd

As the great reset takes place, it’s important to ask yourself where you want to fit in. In today’s competitive, ever-changing market, it’s crucial to differentiate yourself by delivering a successful claims operation to regain momentum, grow and retain your business.

A high-performing claims operation is the driver to improving results and enhancing your presence in the market, helping you stand out from the crowd. Partnering with a third-party administrator can support you by delivering better risk management and claims outcomes, which ultimately helps to reduce your total cost of risk. Let us help you regain momentum and stand out from the crowd with our industry-leading expertise, credibility and superior claims management.

Contact the team today and equip your business with the tools and resources it needs to help you reset in 2023.

Gordon Vater

Managing Director – GB Technical

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