The Year That Was…and the New Year That Will Be

The Year That WasWe are cruising toward the final quarter of 2022, with the planning and budgeting processes in full swing at most insurance carriers. 2023 will be upon us before we know it, and for many people, there won’t be a lot of tears shed when we close the books on the year that was.

We have had some remarkably good news: the broad rollout of COVID-19 vaccines and boosters, the apparent resilience of the U.S. economy, rising interest rates (which are critically important to many lines of business), and the reemergence of feeling able to safely engage in large group activities. 

Next week, Aite-Novarica Group’s Insurance practice will be hosting a Research Council Meeting in Las Vegas, and then two Regional Roundtable events in Des Moines and New York City. It feels like a dam has burst, and there’s a flurry of new, exciting activity.

But the year also brought significant human loss, a remarkable shortening of life expectancy in the U.S., a war in eastern Europe, natural disasters like the devastating flooding in Pakistan, and persistent concerns about inflation, among other challenges. Many companies are still feeling significant impact from the Great Resignation, and every conversation with insurance carrier CIOs focuses on issues related to talent acquisition, retention, and management. 

These are difficult and systemic problems which defy easy or quick resolution. All of us have been given the chance to live and thrive in “interesting” times.

The year that will be in 2023 will carry many new challenges as well, as carriers grapple with demographic shifts, changing consumer expectations, and aging distribution systems. These shifts, however, create remarkable new opportunities for those who are willing and able to take advantage of them. 

New and emerging technologies will allow companies to now reasonably do, in relatively short order, what once seemed like science fiction. Many are already adapting to new ways of bringing products to market; new ways to think about the future of work; and revised approaches to allowing human, physical, and fiscal capital to improve financial performance and competitive positioning.

Our Insurance Technology Research Council Meeting next week, part of InsureTech Connect, will serve as a springboard for insurance technology leaders looking toward the year ahead. We look forward to seeing you there and discussing the key issues in store for insurance technology in 2023.  
 

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