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Insurers update investment priorities to accelerate pandemic recovery

Although insurers are investing in resources to help traditional agents, many also are increasing funding in direct online sales.

By Sam J. Friedman | January 04, 2021 at 06:00 AM
Insurers are reassessing their technology investment priorities. Note that percentages may not add up to 100. (Source: Deloitte Center for Financial Services’ Global Outlook Survey 2020) Insurers are reassessing their technology investment priorities. Note that the percentages above may not add up to 100. (Source: Deloitte Center for Financial Services’ Global Outlook Survey 2020)

As we enter 2021, most insurers have updated strategic plans, adjusted budgets, and reconsidered investment priorities to hasten the industry’s recovery from the effects of the ongoing pandemic while positioning for growth in what is likely to remain a challenging economy.

The COVID-19 outbreak and resulting economic fallout radically shifted consumer and employee needs, habits and expectations, prompting a shift to a remote workforce and virtual engagement with consumers practically overnight. While insurers were generally quick to adapt, it wasn’t easy, and most believe they still have their work cut out for them.

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