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Instant Insights / 2021: Insurance trends and issues to watch

After a year as challenging as 2020, insurance professionals and insureds looking at 2021 with a positive outlook. But that doesn’t mean they are resting on their laurels. Now is the time for agents, brokers, and insurers to strategize for the months ahead. These articles provide insights into the insurance and risk management trends to keep top-of-mind this year.

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While it is not unheard of for insurers to devote 80% of their IT budgets to maintaining legacy systems, Duck Creek reported there are four solutions to rectify issues with outdated systems. (Credit: treety/Shutterstock.com) While it is not unheard of for insurers to devote 80% of their IT budgets to maintaining legacy systems, Duck Creek reported there are four solutions to rectify issues with outdated systems. (Credit: treety/Shutterstock.com)

The insurance industry has been in a state of flux, with new technologies, data-driven processes and growing customer demands being major drivers behind this time of change. And while many changes are good — such as the digital transformation of insurance and what that has meant for companies and customers alike — some of these changes have resulted in the industry facing its share of new challenges.

Here is a look at some of the biggest challenges facing the insurance industry, along with ideas and innovations to solve them:

1.  Digitizing small commercial

 A niche but profitable market within the insurance industry is small business insurance, otherwise known as small commercial. While this section of the market had been relatively insulated from outside pressure to modernize and get on board with digital technologies, that is no longer the case. Larger, more aggressive insurers understand the value of small commercial and are making a push to move into this market and update it. This is forcing carriers who already offer small commercial to significantly invest in new digital technologies to keep up with their competitors.

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