With the 100-year loss becoming a more frequent event, insurers and governments alike are turning their focus to sustainability. More than ever, cooperating to mitigate losses is in everyone’s interest.
In this month’s Insurance News Analysis, Abbey Compton and I discuss ways governments and insurers are addressing the challenges of sustainability and resilience. The Davos Agenda includes reaching underserved populations while promoting sustainability. And around the world, insurers continue to create ways to work with disaster relief agencies to meet human needs.
Having worked in the insurance industry, I see the genuine empathy the employees of carriers have for their customers in times of crisis. Unfortunately, the industry still struggles to make that level of care apparent.
New research from Guidewire, shows that customers are skeptical about the value of insurance products and the carriers’ willingness to pay-out claims. The good news for the industry is that those same customers say they see value in usage-based insurance. This reaffirms that customers want continuous engagement with insurers in the mitigation and management of risk.
The challenges of reinventing insurance in this way include having a workforce that can support it. Remote work offers opportunities to meet both sustainability and inclusion & diversity targets. But with half the insurance workforce retiring in the next 15 years, how and where work gets done are pressing questions with long-term implications.
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