Falling business volumes biggest threat of 2021 – CII

Insurance professionals say a drop in business volumes will be the biggest operational threat they face in 2021.

Increased remote working was named as the second biggest challenge by more than 200 Chartered Insurance Institute members in the survey.

Despite the difficulties ahead, the CII said the industry had to rebuild trust with policyholders following the damage created by events in 2020.

Keith Richards, chief membership officer of the CII, said: “Trust in the insurance profession has been impacted by the events of 2020 and it is vital insurers improve the experience for policyholders by focussing on clarity of proposition, promotion and ease of engagement in the months ahead.

“The CII will continue to support members with ways to continue to safely deliver their vital services to the public in the year ahead.”

He added: “Insurance professionals have had to adapt to the new normal created by measures to slow the spread of Covid-19 at lightning speed.

“The pace of change shows no sign of slowing down in 2021 and will bring new business risks and opportunities to rethink old ways of working, drive greater efficiencies and develop new methods of engaging with consumers.”

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