Silvy Wright, CEO, Northbridge Financial Corporation
The insurance industry faces several headwinds in 2023. Some, like climate change, have been on our radar for some time. Others, such as inflation, have emerged more recently. We will always face challenges; however, opportunities are available now that didn’t exist before – specifically, technology is enabling us to serve our customers more effectively.
As a predominantly commercial insurer, we focus on helping businesses mitigate risks affecting their operations. Climate change, along with changes in regulatory and business landscapes, will require investments and action across all sectors. Educating customers on related risks will be vital, including supporting them in their climate-adaptation strategies.
Today’s inflationary trend will continue to impact future costs. Our short-term focus must be on supporting our customers by understanding how inflation affects them. For example, coverage set at policy purchase may no longer reflect today’s reality of increased costs; we need to ensure that our customers always have adequate coverage.
Always the optimist, I’ll wrap up with what I believe is an exciting opportunity to solve a longstanding challenge in our business – the complex environment of working with multiple processes and ways of exchanging data to provide customers with the insurance solutions they need. This has been one of the biggest obstacles to delivering a great experience, not only to our broker partners but to our customers as well.
A great broker experience enables a great customer experience. Insurance companies that have adopted CSIO standards are now launching initiatives that allow brokers to efficiently exchange small business submission and quote data right from their own broker management systems. This innovation is an important first step in collaborating with brokers and other carriers to evolve and modernize, creating value for brokers, carriers – and ultimately, our customers.