The Carrier Perspective: 2024 Claims Insights from Gallagher Bassett

Identifying the top-of-mind challenges for insurers across the globe provides a snapshot of the priorities that will drive strategy and ultimately determine success in the coming year. Last year, insurers were focused on three key business challenges: premium affordability, market competition, and keeping up with technology.

This report from Gallagher Bassett examines the key issues affecting the industry globally, focusing on priorities that will influence success in the coming year. Based on a 2023 survey of 150 insurance businesses across North America, the UK, Australia, and New Zealand, the findings reveal significant trends in employee retention, the integration of AI technologies, and effective underwriting practices. Key findings include:

• A significant 84 per cent of global insurers emphasised the pivotal role of offering competitive salaries in ensuring effective employee retention strategies.
• 83 per cent of insurers in Australia project that in 2024, the foremost challenge regarding compliance and regulation will revolve around data privacy and security.
• 88 per cent of Australian insurers depend on climate data and analytics in their risk assessment and underwriting processes to some extent.
• Notably, 67 per cent of global insurers revealed a prominent utilisation of generative AI chatbots in customer service, underscoring the industry’s increasing reliance on AI solutions.
• Globally, 54 per cent of respondents have implemented digital claims processing to address supply chain challenges, and 62 per cent say the challenges have a moderate to significant impact.

Download Gallagher Bassett's full report