With rising inflation and interest rates, geopolitical tensions, climate change uncertainty, and growing competition, U.S. insurance carriers face several challenges to delivering consistent, high-quality insurance services and products to the marketplace. In response, the industry is focused on increasing collaboration with partners and investing in innovation to embrace opportunities this year and beyond.
From emerging technologies to shifting customer expectations, and the constant change in the regulatory landscape, almost every aspect of the insurance industry has been altered, touched, or transformed in some way. A recent Gallagher Bassett global survey, ‘The Road Ahead: An Insight into the Carrier Industry in 2023,’ looked at today’s marketplace from the insurance carrier’s point of view. Carriers across industries and geographies provided insights into their views on the top concerns and challenges throughout 2023 across a landscape that continues to shift.
All industries have reported issues with attracting and retaining talent, and insurance is no exception. Attracting and retaining talent ranked as the number-one challenge for carriers, with over 64% of respondents flagging it as their top concern in 2023. Carriers continue to experience challenges attracting new faces and levels of expertise.