As the United Kingdom continues the transition to post-pandemic life, the insurance industry enters a new season of uncertainty.
From increasing travel and changing legislation to an ever-evolving risk environment, 2022 and beyond will be a testing time for insurers across the nation.
Gallagher Bassett UK’s Director of Loss Adjusting & Consultancy, Gordon Vater, reflects on the volatility the industry has experienced over the past 18 months and ways insurers can forge a strong path forward.
“The UK is the world’s fourth largest insurance market, and between changing legislations and new players continuously entering the market, the insurance industry has been ripe for disruption for a few years now. The COVID-19 pandemic has simply been the catalyst for change the industry has been waiting for,” Mr Vater said.
“Insurers of all sizes have had to rethink the way they operated, retained talent, capitalised on technology and supported policyholders. For many, the wave of unanswered questions and unprecedented operations across different parts of the UK delayed efficient decision making.”
Mr Vater said navigating this information influx requires an innovative, personal approach.
“Gallagher Bassett work with our insurer partners right across the United Kingdom to provide them with tailored solutions and insights in a clear, transparent manner that equipped them with tools to set them up for success in the long-run.
“As each country across the United Kingdom progresses toward a new normal, the insurance industry is entering another season of uncertainty.
“With plenty of new players and an increased risk environment, it is critical insurers find the opportunity to stand apart from the competition.
“For insurers to truly pivot beyond the pandemic, they can consider investing in enhanced technology and predictive analytics, diversifying their talent pool or adapting recruitment processes.
“The new year is the perfect time for a fresh start for many insurers to consider the partners, policy holders and pathways to success on the horizon for their business.”
To explore how Gallagher Bassett can unlock opportunities and help your business navigate a post-pandemic world, connect with the team today.