Post Pandemic Feelings

The Insurance Industry historically has talked about a hard and soft market with a multitude of variables determining the state of play. Insurers are au fait with mitigating and planning for large losses because of adverse weather or changes in methods of construction, as an example but the impact of the pandemic has proved to be a game changer.

I believe we may see a shift in insurance models moving into 2021 as insurers get to grips in understanding pandemics. Consequently, we may see insurers moving at a faster pace towards adopting new technology, more sophisticated underwriting models, and scaling down operations.

We see the impact on industries across all arenas, restaurants providing more take always, schools and universities providing education and training online as opposed to classrooms. I envisage similar challenges for the broking community in how they conduct their client meetings. The need to invest in digital capabilities will be prevalent even when prospecting new business and even securing existing business. Those brokers who maintain connections with their clients during these difficult times will no doubt only strengthen their relationships.

The digital revolution will continue and those brokers who still bury their heads in the sand may be left behind. Whilst those traditional methods of route to market and managing client relationships will always be required brokers need to start considering new business models not only from a cost perspective but also allowing flexibility and the potential to new markets via online and cloud-based platforms.

We have already seen a shift into commercial lines and the way we start to look at risks and buying behaviours will result in new operating models, claims handling process and technologies. Those brokers and businesses alike that get the balance right between enhancing new technologies and importance of a human touch will prosper.Time to

If 2020 has taught us anything, it is to expect the unexpected and become masters of reacting and evolving quickly when required to so do. Not only do we have a duty of care in protecting the livelihoods of our customers but also the health and wellbeing of our peers and colleagues, now more so than ever.