The catastrophic events of 2024 — which resulted in more than $7.7 billion in insured losses and marked the worst year on record due to a summer of floods, fires and hailstorms — have sharpened the industry’s focus on resilience and underscored the importance of being there for customers.
In these critical and often emotional moments, our customers turn to us seeking responsive and practical support. Those early interactions with their insurer after a major loss are unique moments of truth, where customers are looking for empathy and understanding.
For the industry, these are opportunities to cultivate stronger long-term relationships by demonstrating genuine care, whether it be an immediate phone call, an advanced payment to cover emergency expenses, or confirmation that help is on the way. Effective and consistent empathy plays a crucial role in making it right in the moment, which ultimately fosters unwavering customer loyalty.
Leveraging data and advanced analytics is key to gaining deeper insights. We are working hard to embed continuous feedback loops, where experiences and opinions are actively sought, analyzed, and turned quickly into actionable insights that drive improvements.
Looking ahead to 2025, the industry should continue to build resilience to catastrophic events, and educate customers about their exposures, coverage needs and options to help mitigate risk.
We must also harness lessons learned during 2024 to continue to respond quickly, effectively and empathetically when our customers need us most.
