Sedgwick has released its Drive to Thrive in 2021 report highlighting this year's major insurance industry trends and issues that employers, brokers, carriers, risk management, and human resources professionals should focus on to remain steady amid the unstable environment.
Sedgwick's experts said the following topics and trends would significantly impact the industry in 2021:
- Resilience & readiness: supporting physical, emotional, and financial wellness; overcoming COVID-19 fear factor and fatigue; planning for business continuity; and protecting your business and brand.
- People & productivity: adapting to the new remote reality, closing the talent gap, combating COVID-related workforce challenges, and choosing a “people first” strategy.
- Care & advocacy: addressing essential worker burnout, healthcare shortages, and PTSD trends; leading with empathy for benefits and beyond; navigating drug trends, testing, and treatment; continuing care in a socially distanced future; and cultivating concierge-level service.
- Technology & consumer experience: embracing analytics and capitalizing on the value of data, keeping up with the rapid pace of innovation, guiding the digital journey, supporting individuals through self-service enhancements, and increasing access and acceptance of virtual care.
- Evolving risks & response: mitigating the perfect risk storm, addressing gaps in a hardening market, smoothing out supply chain disruptions, building upon the value of partnerships, and protecting against cyber risks and system vulnerabilities.
- Regulatory change & compliance: complying with new and changing regulations, preparing for compensability challenges, and guarding privacy under new laws and practices.
- Trends & transformation: adjusting for a post-COVID reality, thriving despite economic challenges, responding to political shifts, and focusing on diversity and inclusion.
“2020 was a year like no other, and it is undeniable that 2021 will also bring its own set of unique challenges. We are confident that tough times we endured last year will ultimately usher in positive change and highlight our industry's resiliency,” said Sedgwick CEO Mike Arbour.
“I am confident that the new year will bring many new opportunities for growth. Those who thrive in the aftermath of adversity do so in large part not by simply staying the course, but by adapting and embracing change.”