Sedgwick highlights the top industry trends of 2024

Sedgwick highlights the top industry trends of 2024 | Insurance Business Asia

Insurance News

Sedgwick highlights the top industry trends of 2024

The report also sheds light on the critical issues that will be a focus for professionals throughout the year

Insurance News

By
Kenneth Araullo

As part of its industry insights for the coming year, Sedgwick has released Connect 2024, a report detailing significant trends and challenges that industry professionals, including employers, carriers, brokers, risk managers, and human resources experts, should anticipate in the 12 months ahead.

Scott Rogers, chief client officer at Sedgwick, emphasised the importance of collaborative approaches across various industries to address the challenges and opportunities identified for 2024.

“Our vision is to overcome obstacles through a forward-thinking approach based in connectedness and unlocking new potential,” Rogers said.

The report, based on research and client feedback, outlines key trends related to people, property, brands, and performance that are expected to influence the industry.

Major industry trends for 2024

Supporting the workforce was mentioned as a major trend, with the report discussing the transformation of the workforce due to economic and labour challenges and evolving workplace expectations. Career development strategies, enhanced benefits focused on overall well-being, workplace incentives to improve appeal, cost management tactics, and outsourcing versus insourcing considerations are all laid out as topics to consider.

Increasing claims volumes from natural disasters, civil unrest, and geopolitical changes are a concern for insurers and policyholders. Most of the focus on this trend remains on comprehensive disaster preparation and recovery strategies, managing secondary losses, addressing infrastructure vulnerabilities, and implementing risk engineering and alternative risk strategies.

Shifts in the global economy, market conditions, and regulatory landscapes are also notably shaping organisational strategies. Brands in the sector will concentrate on navigating the complexities of the recall landscape, enhancing cyber readiness, tackling fraud and financial stewardship, managing risks associated with next-generation technology, and addressing climate-related risks and disclosures.

The integration of artificial intelligence (AI) and data analytics is also a major trend that needs highlighting as it continues to reshape industries. The report goes over important topics such as the ethical use of AI, supporting and empowering human roles, navigating geopolitical risks, and addressing recession concerns and job market uncertainties.

Jim Ryan, chief operating officer at Sedgwick, reflected on the evolving nature of connections and their impact on industry perspectives.

“As Sedgwick uncovers trends in supporting people, property, brands, and performance, we hope industry professionals will join the conversation. Together, we can help translate knowledge into experience and turn ideas into action,” Ryan said.

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