Risk Control Trends For 2021

It goes without saying that 2020 presented some unique challenges for all of us in the risk-control field. COVID-19 drove the narrative for much of the year. To top it off, the insurance industry experienced a brutal year in terms of natural disasters.

With all of the emergent risks of 2020, it was easy for innovation to take a back seat. But, hopefully, you were able to keep your innovation engine chugging along in the background while juggling the urgent needs the year threw at you.

Looking ahead to a new year, here are some insurance industry risk trends I see for 2021.

With the current pace of technological advancements and discoveries, this is an exciting time to be a risk-management professional.

Rapid developments in technology—particularly the emergence of IoT devices and sensors in the commercial setting—present great opportunities to help us protect our customers and mitigate risk by providing actionable, real-time data about conditions at insured locations.