Crawford & Company Experts Forecast Key 2024 Trends in Insurance Industry

As 2024 approaches, Crawford & Company experts provide valuable insights into the challenges and opportunities facing the insurance industry. According to CEO Rohit Verma, there will be a rising need for in-person interaction, as the post-COVID workforce seeks to strengthen relationships beyond virtual connections. He suggests that hybrid work arrangements can facilitate personal connections, encouraging organizations to promote face-to-face interactions.

Kenneth Tolson, Global President of Network Solutions, predicts continued tech acceleration in insurance. Insurtech, which has already revolutionized many aspects of the industry, is expected to further drive innovation and improve customer experiences. This trend reflects a significant shift from the industry’s traditionally conservative approach to a more dynamic and technology-driven model.

On the topic of climate change, Meredith Brogan, President of Crawford Network Solutions, highlights the role of AI in addressing climate-driven catastrophic risks. AI can aid in predicting extreme events, optimizing resource use, and enforcing environmental policies, thus playing a critical role in mitigating climate-related risks.

Sam Krishnamurthy, Vice President of Corporate Systems, emphasizes the increasing role of AI in automating claims processes. While AI enhances efficiency and accuracy, the ’human in the loop’ approach remains crucial for providing empathy and context.

Greg Smith, President of Canadian Operations, warns of a potential increase in insurance fraud amid economic downturns. He advocates for leveraging technology to detect fraud while maintaining excellent customer service.

Cortney Young, Senior Vice President of Platform Solutions & Contractor Connection Canada, discusses the importance of automated triage in handling CAT events. Technologies like geo-assigning tools and mobile reporting can significantly improve the efficiency of claim processing during such events.

Finally, Joel Raedeke, Chief Technology and Data Science Officer at Broadspire, predicts that organizations developing their own product-oriented software will emerge as leaders in the digitized insurance sector. He outlines three responses to the pressure of integrating software into core business models: project-oriented under-investment, integration investment, and product-oriented business reinvention.

These insights reflect a consensus that the insurance industry in 2024 will be deeply influenced by technology, climate change, and evolving workforce trends, offering both challenges and opportunities for innovation and growth.