Insurance Industry News & Views - January 19 2021
As we head into a new year, it’s a good time to look back and reflect on how far we’ve come. For many, 2021 couldn’t arrive soon enough. Of all the colorful language we could use to describe the year that was, let’s just say 2020 was “unprecedented” and leave it at that.
Surveying our most popular blog articles of the previous year provides insight into the hot topics and themes that captured the commercial insurance industry’s mindshare in 2020. Obviously, COVID-19 dominated the discussion – from business interruption insurance claims litigation to rising premiums and a hardening market to the day-to-day challenges of working remotely, managing distributed teams, and meeting the needs of distribution partners and policyholders 100% digitally. Without question, resiliency was a major theme as insurance companies were forced to adapt their operations literally overnight to the new realities of remote work, lockdowns, and disrupted insurance distribution channels.
Another theme was the accelerated pace of digitization as carriers, brokerages and agencies alike prioritized digital technologies and initiatives to automate manual processes (which proved extremely difficult to adapt to working from home) and improve the digital customer experience. If we can find any silver lining in the pandemic, it’s that insurers were quick to respond and take positive steps toward modernizing core processes in order to adapt to rising digital demands. The work continues, but it is inspiring to see how quickly the industry stepped up to the challenges of COVID-19 and was able to keep operating without missing a beat.