Mitigating major and complex losses a key theme for 2020 - Sedgwick
Major and complex losses are becoming an increasing concern for all lines of business, according to Sedgwick, a global provider of technology-enabled risk, benefits and integrated business solutions. As a result, it said there will be more focus on mitigation in 2020.
“When facing extreme weather events, crisis management situations, the impact of ‘nuclear’ verdicts and other precedent-changing forces, the question is, ‘How can we prepare for the unexpected?’” Sedgwick said in a new report.
The report, titled Conversation Threads for 2020, lists major global industry trends that employers, risk management and human resource professionals and carriers should watch for in the coming year. Among these are an increased pairing of digital-first technology with human-centred solutions to help improve the claims experience and simplify the process for consumers; a caring culture with a focus on empathy and compassion towards the consumer; and a push to break down barriers in order to care for claimants better, including speeding the claims resolution process.
Sedgwick also predicted that business owners around the world will face the challenge of how to stay on top of regulatory changes, streamline their processes, create stronger work environments, maintain safety and keep compliance simple.
It added that as digital evolution forces the industry to rethink the claims process, the next wave of technology will bring big changes in the way adjusters work, reducing cost and delivering a faster and smarter response.
Sedgwick also predicted that ready resilience would be a dominant theme in 2020. “No matter the reason for a claim, whether property, casualty, benefits, marine or any other type, or where it happens around the world, developing the ability to recover quickly is a common theme,” it said.
The report predicts a continued focus on recruitment. “We’ve talked about changing workforce demographics and ways to attract and retain talent for years - but that doesn’t change the fact that these are still key issues, for the insurance industry and beyond,” said Sedgwick.
During 2020, Sedgwick expects several topics to increase in relevance, from geopolitical concerns – particularly with major elections taking place in the US and elsewhere – to the impact of climate change and connected regulations in different parts of the world.
“Cyber threats will continue to intensify and the hardening insurance market may cause organizations to take a new look at their strategies,” said Sedgwick.
David North, president and CEO of Sedgwick, said:
“With our extensive experience, Sedgwick is prepared for the challenges the new decade may bring. Our expert colleagues are dedicated to taking care of our clients and their employees and customers and providing solutions to make the claims process easier. We continue to focus on helping clients control costs, improve outcomes and successfully respond to the needs of their businesses.”
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