Executive Outlook for 2024 | Sandbox Mutual Insurance’s Shelley Willock
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Shelley Willock, Sandbox Mutual Insurance’s president and CEO
2024 will resemble 2023 in many aspects for the P&C insurance market in Canada. In addition to rising regulations and a competitive talent market, we will continue to deal with rising consumer expectations, inflation, urbanization, and climate change.
To guarantee that the insurance industry keeps providing coverages that are suitable for customers, insurance products must change.
In order to guarantee that all homeowners have access to reasonably priced flood insurance, working with the federal and provincial governments on the establishment of Canada’s National Flood Insurance Program is crucial.
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The task of striking a balance between consumer protection and increased regulation will put further strain on an already overworked workforce. The Office of the Superintendent of Financial Institutions recently made an announcement regarding
several new rules that will take effect in 2024. In order to guarantee adherence to the guidelines, companies need to make sure the right people and resources are available.
According to research, people purchase insurance out of a sense of “need” rather than “want,” making it a grudge purchase. Furthermore, the insurance sector has one of the lowest customer emotional quotient scores (the only other sector with a lower score in terms of advocacy and loyalty is the hospitality sector).
Customers seek out providers who they believe to be trustworthy, consistent, and honest. They also want the process of purchasing insurance to be straightforward and easy.
In order to satisfy customer needs and deliver value, our industry must keep changing. To streamline procedures, this will necessitate investments in technology, including artificial intelligence.
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Talent acquisition is also essential to guaranteeing that services and advice meet or surpass customer expectations. The industry needs to highlight the exciting opportunities it offers a new generation in order to meet consumer and regulatory expectations in the upcoming year. These opportunities include:
- A strong desire to safeguard carefully acquired investments
- Flexible work schedules, job security, and a wide range of career options
- Chances for personal development and relationships with incredible people
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