Insurance in 2022: Why complex times call for simpler strategies

While the dark clouds of the pandemic haven’t fully lifted in 2022, there are increasing signs that blue skies are on the horizon.

But as we optimistically work towards a return to more normal times, it’s also important to acknowledge that the world around us has experienced some pretty significant change. In insurance, for example, the fundamentals might remain untouched but there are key aspects of how claims are managed that have either altered, accelerated or evolved in new directions.

It’s only by understanding these changes that we can truly meet the needs of today’s policyholders – and it’s only by recognising any new shifts in direction that we can meet the expectations of the customers of tomorrow. To survive and thrive, companies must adapt to short, medium and long-term trends, both as individual businesses and as collaborators in an interconnected supply chain.

Looking specifically at the area of property damage restoration, these changes are being felt in a variety of complex ways. And while it’s not possible to boil it all down to a few simple bullet points, it is possible to highlight some priority areas.

Climate Change

While it has loomed large for many years, climate change is now a key change-driver rather than an existential threat for the insurance industry. The damage management sector has direct experience of the real-world impact of climate change, mobilising our efforts in response to extreme weather events and working to mitigate the impact on flood-hit properties and policyholders. At Polygon, we have long advocated more environmental approaches to our work, seeking to minimise carbon consumption and energy use while lobbying for restoration over strip-out and repair. This focus on sustainability will only intensify as we support brokers and insurance partners embracing the industry’s ambitious roadmap towards net zero in 2050.

Customer Service

In the pre-Covid world, customer standards were already high, but expectations among today’s digitally proficient policyholders are higher still. In the event of a claim, this places greater emphasis on the need for clear, regular communication and for rapid resolution to be achieved with minimal disruption. Looking ahead, with the evolution of connected technologies, such as leak detection sensors, the door is further opened to better damage mitigation and even damage prevention strategies – all of which will enhance the offering for policyholders.

Claims Cost

When it comes to handling fire or water damage claims, efficiency is a key priority – both in terms of time and costs. Keeping these elements down depends on factors such as speed of response and the skillset of technicians in accurately determining the best route to resolution. And at a time when inflation and supply difficulties are driving costs for people and materials ever higher, this focus is becoming even more important.

Taken in combination, all of these factors present a complex challenge for insurance brokers in today’s market. At Polygon, we aim to make things simpler by offering a single, co-ordinated point of contact that de-complicates and de-risks the whole approach to damage management and property restoration.

From tech-driven prevention to environmentally friendly repairs, we help our broker partners adapt their offering to meet changing customer expectations. We can react with efficiency and effectiveness, reducing the claim lifecycle. Equally, we can provide the capability to support a smarter, more proactive customer relationship, driven by open communication and connected technology.

In a changing world, we look to combine breadth of service with ease of engagement, putting brokers in the best position to optimise customer retention and boost acquisition. It’s the bright, new approach for our brave new world.

Find out more about our services here.