Insurance Industry Trends and Insights To Consider in 2022

Insurance Industry Trends and Insights To Consider in 2022

Part of running a successful independent insurance agency is keeping up with industry trends. So, let’s take a look at a few predictions about insurance industry trends in 2022 and how they will affect your agency and your clients. 

Insurance Industry Trends in 2022

Experts are always watching the insurance industry to predict changes in the market and the industry as a whole.

Here are three areas experts are looking at are:

  • COVID implications
  • Claims
  • Climate change and sustainability

COVID Implications and Insurance Industry Trends

Insurance Industry Trends in 2022We’ve said it before and we’ll say it again; the insurance industry has shown incredible resilience in the wake of a global pandemic. While many industries have suffered, the insurance industry has proven to be pandemic and recession-proof. 

When the world feels uncertain, insurance becomes more important and essential. However, with uncertainty comes new challenges for selling and marketing your agency. While there is a higher demand for insurance, there is also a higher demand for personalized service and customer care. 

Take time to understand the pain points your target audience is experiencing, and make sure that your marketing tactics are personalized and customized to meet the needs of your clients and prospects. 

Expect this to continue, even as the world begins to open up. 

Rise In Insurance Claims

Expect more customers to file more insurance claims. During the lockdown, with everyone stuck inside, insurance claims dropped significantly. As we return to normal life, expect insurance claims to rise again. 

Make sure you have a clear “insurance claim” policy, providing clients with useful information for filing a claim and when to not file a claim. We don’t recommend you help clients with the entire claims process, but you will likely be their first point of contact with questions, so have the information available. 

You may even consider pro-actively informing your clients about filing a claim in an email campaign. Being proactive with client communications is a great retention strategy. 

Climate Change and Sustainability

Insurance Industry Insights 2022
 

Climate change and sustainability are at the heart of every industry, especially insurance. The rise in extreme weather and natural disasters will impact liability and assets for the insurance industry. More floods, earthquakes, wildfires, and drought will keep increasing the number of claims, which will impact premiums for clients.

While clients expect their premiums and the cost of insurance to fluctuate from time to time, it’s important that you understand why premiums are going up for your clients. If you can adequately explain the reason for a rise in premiums, clients will be more amenable and less frustrated. 

Your knowledge of the insurance industry and upcoming trends and changes that impact your clients will build on your credibility and strengthen trust between you and your clients. 

Grow Your Independent Insurance Agency in 2022

Affordable American Insurance is one of the fastest-growing networks of independent insurance agents across the nation. With AAI, you are independent but not alone. We work together to stay informed on industry trends and changes, as well as the best business practices, tools, and technology to grow bigger, faster, and more efficiently.

To learn more about the benefits of joining AAI, get in touch.