Resilience will be the overarching theme for 2022. However, whilst last year necessitated a faster pace of change than was perhaps ideal, looking forward, insurers will want to continue to adapt to protect their operations, market and promote customer retention.
Customer demand for more interactive and efficient digital platforms and products is set to continue, which will require insurers’ ongoing adaption to new technologies. With that will likely come associated cyber risks, with ransomware and supply chain attacks continuing to rise. However, digital transformation remains essential for insurers wanting to stay relevant, competitive and reputationally sound in the current market.
The increased examination of insurers’ own Environmental, Social, and Governance (ESG) commitments will be a priority for firms as they wait to see how moving from voluntary to mandatory disclosure requirements plays out. Notwithstanding the shifting regulatory landscape, insurers – like most companies – know that it is probably only a matter of time before regulators or the general public discover any discrepancies in ESG promises, putting reputations at risk.