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The Insurance Industry: What’s Changed?

In common with almost every sector of business today, technology has changed the face of the insurance industry – and will continue to do so, at a rapid pace. This means that only the most adaptive insurance providers will survive, and the advent of flexible working and viable outsourcing offer excellent opportunities for highly skilled professionals to thrive.

Taking steps to move with progress and revolutionise practice is essential in the insurance industry, as in many other areas, and this is the time to address this so that you do not get left behind. Considering the rapid changes we have already seen, and looking ahead to the likely shifts that are predicted, it is possible to develop key areas of strategy to improve prospects and longevity.

What Will You Need To Succeed In The Insurance Industry?

  1. Focus on customer experience. Customers or clients are empowered to seek out the businesses that give them what they want, and a positive customer experience is essential. Insurance customers are highly mobile and a poor experience will precipitate a move to another provider, so every aspect of the customer experience should be improved wherever possible.
  2. Awareness of the future. Technology has driven core shifts across the insurance industry, causing, for example, motor claims to fall with increased vehicle safety and the advent of driverless cars. Future projections are key to the way in which insurance markets are changing, and preparing for this is crucial.
  3. Use analytics and big data. Real time data and technological data are changing the way in which claims are detailed and recorded. Being able to process and filter this information is key, so expertise in this area will be in high demand in the future.
  4. Address personnel. Since claims in certain areas are decreasing, while others, such as natural disaster claims, are on the increase, it is becoming necessary to have a flexible team that can be scaled up at times of high demand. Professionals who work on a flexible basis, taking on contracts that bring mutual benefits for the individual and the business, can command highly lucrative careers working in this way, using their skills and expertise where and when they are most needed.
  5. Invest in management. The new direction in which insurance businesses are moving means that leadership is shifting too, and expertise in the management of diverse and digital teams is essential. Businesses that look ahead and put the correct leadership and training into place are much more likely to succeed in the future.

Work With Expert Professionals On A Short-Term Basis

Here at ReganStein, we believe that the future offers exciting opportunities for skilled professionals to build a career that is truly flexible and varied. Our team of expert professionals all have more than ten years experience and a unique skill set, so you can find the talent you need to drive your business on.

If you believe that you would flourish as a flexible professional, contact ReganStein at lokeeffe@reganstein.com to find out more about the opportunities we can offer.