We’ve all experienced a high degree of uncertainty since Covid-19 became a pandemic and Brexit became a reality. This has led to a period of ongoing change to ways of working and living- and this is set to continue well into 2022. However, being adaptable to customer needs and trading conditions will present many with significant opportunities.
Reasons to be optimistic
The game changer has of course been the vaccine roll out, and now booster programme, enabling businesses to reopen and trading to recommence. We owe a huge debt of gratitude to the scientists who have made these advancements and the medical staff who have helped to protect us.
The pandemic has led many to consider their career options, and there are already signs of a ‘war for talent’ in the insurance industry. The importance of recognising good staff; retaining them; offering quality training and development opportunities and paying them a salary commensurate to their skills will be more important than ever in 2022. A business’ success is created by its people – treating them well and ensuring they understand their purpose is key.
We will see an increased focus on Environmental, Social, and Governance (ESG) topics, as consumers, employees, businesses, investors and regulators all pay closer attention to sustainability initiatives. This is more than ‘going green’, other key areas are focussed on gender, diversity, data security and responsible procurement- to name a few. The insurance industry has a part to play, and we, like many have already set out a roadmap. We expect more businesses to follow.
Flexible ‘ways of working’ adopted in the last 2 years will become the norm. The reliance on technology and not geography will determine the future models for many organisations. We see advantage in digitising and automating services for brokers, insurers and their customers guaranteeing a frictionless transactional journey whether it’s through progressive digital payment options or online training for partners. I predict that companies adopting a similar approach will perform well during 2022.
The FCA fair pricing reforms coming into effect in January will significantly impact the personal home and motor markets. Like many prepared partners, we will continue to work with the regulator to help create workable solutions for all in this important area.
Less is more
Consolidation within the insurance industry and in particular the broker community will continue at pace in 2022, as firms look to maximise efficiencies and profitability. Premium Credit’s position on servicing brokers, large or small, will remain unchanged. We are committed to proudly supporting all our customers and partners in creating opportunities through convenient payments.
2022 – a year of opportunity
Those in the insurance industry who have adjusted quickly and modified their approach to changing conditions are the ones who have succeeded in these challenging times and it’s highly likely that this will continue. It’s never been more important to listen to customers and ensure good outcomes.
Despite the social and economic uncertainty, I remain positive. Times are changing and those that embrace flexibility will create positive results for themselves and others. I’m excited for the year ahead.
Tara Waite, CEO, Premium Credit