How did the insurance industry perform in 2020?

Like in every other industry, the New Year brings in new hops and aspirations. Businesses are analyzing their performance over the past year while trying to perform better in 2021. Tumultuous, unprecedented and the furthest thing from normal – 2020 was many things, to many people. It is merely impossible to discuss its key takeaways without first focusing on the accelerated use of digital technologies and communication channels throughout the insurance industry.

“Businesses from most industries responded to the move to a digital environment,” commented Dave Ovenden (pictured above), global pricing and underwriting leader at Willis Towers Watson.

Meanwhile, lending her perspective, BT’s director of insurance, wealth management and financial services, Alexandra Foster (pictured below) stated that “increased innovation and the use of technology was the biggest change the insurance industry saw in 2020.” She also says that, “As the pandemic has changed the needs of customers and made home working a necessity, the insurance industry has adapted by accelerating the adoption of cloud and undergoing digitalisation to enable efficient remote working and claims processing.” “While the ‘cloudification of insurance’ has been a work in progress for several years, in 2020 the industry made great strides and this newfound agility in implementing technological changes has been key for businesses in continuing operations.”

Even just looking to his own experiences during lockdown, Ovenden highlighted that businesses responded very well and were able to capably engage with their customers despite the changing environment. Others, however, failed significantly and this impacted their customer retention metrics.

It would not be possible to discuss its key takeaways without first focusing on the accelerated use of digital technologies and communication channels throughout the UK. Businesses from every industry responded to the move to a digital-first environment commented Dave Ovenden (pictured above), global pricing and underwriting leader at Willis Towers Watson.

Lending her perspective, BT’s director of insurance, wealth management and financial services, Alexandra Foster (pictured below) stated that increased innovation and the use of technology was the biggest change the insurance industry saw in 2020.

 

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