The THiNK Blog

grab a coffee and give yourself the freedom to read



coffee-cup-zoomed-in-hero

2017 Insurance Industry Resolution Predictions

Fri, 06 Jan 2017 19:28:26 +0000 / by Megan Gardner

2017-insurance-_172_55acddad74ddd1193d650e8cf4edd701e36ef5f6

Now that you are back into the swing of things at work you’ve probably overheard or even talked to colleagues about New Year’s Resolutions. Maybe you want to read more books, go to the gym more, dedicate time for a digital detox? You’ve thought about resolutions for your personal life but what about at work?

Aside from perhaps being more organized or clearing out your inbox, have you considered what you hope to achieve as a business or even industry? I was curious to find out what this might look like for the insurance industry. What will its resolutions be for a successful New Year? I went on a mission to find out.

How? You might ask. I looked at our top performing blog topics in 2016 – and there were a few that our readers really sank their teeth into. I figured since these were top of mind in 2016, the industry might be looking to implement strategies around them in the new year. Find out my predictions below.

5 New Year’s Resolutions Predictions for the Insurance Industry 

  1. Be more active on social media
  2. Understand and onboard millennials
  3. Embrace industry innovation
  4. Adapt to changes in life insurance
  5. Deal with treaty errors

1. Be more active on social media

shutterstock_1044259435

Our readers were extremely engaged with all of the content we produced on social media in 2016, particularly on LinkedIn. To me, this signalled predictions for two types of insurance professionals when it comes to LinkedIn:

  1. For insurance professionals not currently on LinkedIn: Join the platform and set up a profile for success
  2. For insurance professionals currently on LinkedIn: Optimize their profile and leverage the platform for success

The good news is, our Insurance Professional’s Guide to LinkedIn will help accomplish both resolutions. So what are you waiting for?! Download the guide and get social now.

2. Understand and onboard millennials

millennial-seek_172_fc511e3e2ff5d7fe55089823a606269884df5d1c-1

With retirement being a concern for the industry, it was no surprise that our readers were interested in learning about how to prepare for potential talent gaps. We talked about filling this talent gap with millennials. But to do that, you have to be able to understand them AND attract them to the industry. Our readers were particularly interested in how to introduce millennials to reinsurance data. Our training guide for onboarding the next generation of reinsurance professionals was also a huge hit.

Hence, my prediction on why this generation will be a major priority of focus for the insurance industry in 2017. In case you need a little help convincing them, check out four reasons millennials should seek careers in insurance.

3. Embrace innovation in the industry

innovation b2b

Innovation was a hot topic in 2016, and one that we saw a lot of engagement with from our readers. Over the course of the year, our blogs educated readers on preparing for industry changes. This included sharing insights from our trip to Silicon Valley and tips for navigating the new world of insurance. So this year, I predict more insurance professionals will embrace innovation.

Looking for an outlet for innovation, we are helping the industry take action and achieve this resolution at Cookhouse Lab! This collaborative space, opening February 2017, invites insurance and reinsurance experts, financial services professionals, entrepreneurs and academics to take a crowdsourced approach to InsurTech development.

If innovation is part of your 2017 resolution, I invite you to learn more about the lab here.

4. Adapt to changes in life insurance

BB underwriting ulcerative colitis

Manulife’s announcement to offer life insurance to those who have been diagnosed with HIV was one of the major Canadian headlines of 2016. Any change like this requires education in order to learn how to adapt. Now that the industry has had the chance to let it sink in, 2017 will be about taking action to adapt.

To help you get started we put togeter a series on underwriting HIV:

Changing an Underwriter’s Perspective on HIV

The Intricacies & Concerns for HIV+ Clients

Building a Qualified Team to Underwrite HIV

5. Deal with treaty errors

4 checks and tests blog image

My final prediction for the insurance industry in 2017 is that there will be a focus on treaty data accuracy and compliance. Our readers were big fans of the insights we shared on navigating reinsurance treaties and common issues that cause treaty errors.

To kick-start the process of dealing with these errors we shared four checks and tests to improve reinsurance quality. And when that resonated well, we published 16 Pro Tips to Improve reinsurance quality.

Watch out treaty errors! We’re coming for you in 2017.

Think my predictions will play out? Subscribe to our blog as we track industry trends throughout the year!

 

Topics: Insurance, Reinsurance, Innovation, Social Media

Megan Gardner

Written by Megan Gardner

Become an industry thought leader. Don’t forget to share.