Gallagher Bassett’s 2024 Claims Insights

Gallagher Bassett surveyed 150 businesses across North America, United Kingdom, Australia and New Zealand to find out the biggest challenges and considerations for those in the insurance industry.

Gallagher Bassett say last year key business challenges were premium affordability (29%), market competition (22%) and keeping up with technology (20%).

Gallagher Bassett suggest that to gain advantages, carriers need to implement strategies that leverage external expertise, data-driven insights and generative AI.

Some other key findings include:

·         84% of global respondents emphasised offering competitive salaries to retain employees.

·         75% predict the biggest challenge in the compliance and regulation area will be around data privacy and security.

·         86% use climate data and analytics in risk assessments and underwriting processes.

·         67% of insurance carriers utilised generative AI chatbots in customer service.

·         95% of global carriers anticipate improved speeds and operational efficiency with AI integration.

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