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Deloitte Insights
2021 Insurance Outlook
Accelerating recovery from the pandemic while pivoting to thrive
In our 2021 insurance outlook, 200 industry leaders weighed in on their companies’ COVID-19 recovery efforts. How can the emerging lessons serve as a catalyst for business transformation?
Where do insurers stand as they enter 2021?
What a difference a year makes. Or even a few months. The COVID-19 pandemic and resulting economic fallout radically shifted consumer and employee needs, habits, and expectations, while compelling virtualization of insurer operations practically overnight. But while most of those in the industry adapted quickly, insurers are still likely facing lingering obstacles to growth and profitability in the year ahead.
A global outlook survey by Deloitte’s Center for Financial Services found that many insurers know they still have their work cut out for them, even after spending most of 2020 adapting to the outbreak’s impact. Forty-eight percent of 200 responding insurance executives agreed the pandemic “showed how unprepared our business was to weather this economic storm,” while only 25% strongly agreed their carrier had “a clear vision and action plan to maintain operational and financial resilience” during the crisis. (See “Methodology” for details about who was surveyed.)
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Authors:
Gary Shaw |
Neal Baumann |
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