What industry trends will impact businesses in 2020? By finding the common threads that connect us all, we can come together and explore everything from consumer experience to digital development.
Ushering in a new decade means new conversations, new complexities, new and exciting trends to weave into our existing ways of doing things. While the topics and trends that matter to you may change year-to-year, Sedgwick’s top priorities haven’t.
We’re committed to keeping organizations and employees healthy and productive, mitigating and reducing risks and losses, protecting brand reputations and containing costs. Using our years of industry expertise, we’ve compiled a list of Conversation threads for 2020 — many of which will impact a variety of critical business areas.
Conversation threads for 2020 highlights the topics and trends listed below that employers, risk management and human resource professionals, brokers and carriers should watch for this year. We’ll continue to monitor them, share ideas and create solutions throughout the year — preparing for the future right alongside you.
1. Evolving experience
Pairing digital-first technology with human-centered solutions will continue to help improve the claims experience and simplify the process for consumers.
2. Caring culture
Across the claims spectrum, adjusters are evolving into partners and advocates for the consumer, offering claims expertise and assistance with a focus on empathy and compassion.
3. Breaking barriers
From the point of need, throughout a claim and through to resolution, our industry continues to shine a light on ways to reduce and break down barriers to care for injured individuals, as well as removing inefficiencies that can slow down resolution of property claims.
4. Compliance complexities
Business owners around the world may face different compliance challenges, but they all are concerned with how to stay on top of regulatory changes, streamline their processes, create stronger work environments, maintain safety and keep compliance simple.
5. Major mitigation
Major and complex losses are becoming an increasing concern for all lines of business. When facing extreme weather events, crisis management situations, the impact of “nuclear” verdicts and other precedent-changing forces, the question is, “How can we prepare for the unexpected?”
6. Digital development
Digital evolution forces us to rethink the claims process as we know it. With the next wave of technology, we will see big changes in the way adjusters work, reducing cost and delivering faster and smarter response.
7. Ready resilience
No matter the reason for a claim, whether property, casualty, benefits, marine or any other type, or where it happens around the world, developing the ability to recover quickly is a common theme.
8. Workforce watch
We’ve talked about changing workforce demographics and ways to attract and retain talent for years… but that doesn’t change the fact that these are still key issues – for the insurance industry and beyond. What strategies are gaining viability in addressing ongoing productivity challenges?
9. Trending themes
During 2020, we expect several topics to increase in relevance, from geopolitical concerns – particularly with major elections taking place in the U.S. and elsewhere – to the impact of climate change and connected regulations in different parts of the world. Cyber threats will continue to intensify and the hardening insurance market may cause organizations to take a new look at their strategies.
To read more, visit our Conversation threads for 2020 webpage. What areas do you look forward to learning more about?
-Kathryn Tazic, Managing Director Client Services, Sedgwick
Follow our Sedgwick Connection blog and visit our website throughout the year as we continue to investigate and offer new thought leadership in these areas of focus.
- Download Sedgwick’s complete Conversation threads for 2020 list (PDF)
- Contact us at MarketingUpdate@sedgwick.com
This is a sponsored post from WorkCompWire marketing partner Sedgwick.