The big takeaway from the session was: be prepared for change.
The incoming regulatory changes around fair value and GIPP are going to create a fast-changing market for 2022, and insurers need to be ready for that.
This means that any effective strategy needs to be agile and adaptable to different market scenarios.
Insurance DataLab co-founder Matt Scott said insurers needed to make sure they were aware of what was happening around them by keeping a constant eye on changes to market data, while also maintaining a focus on their ultimate aim for the year.
Meanwhile, Consumer Intelligence insight manager Mike Miskelly said that in order to be agile in the way they approach the market in 2022, insurers needed to have a way of evaluating the effectiveness of their strategies.
To do this, Mike said regular access to data and benchmarking statistics is key, otherwise insurers will not know how they are performing relative to their competitors and the market as a whole.
As part of the webinar, Matt and Mike took a deep dive into combined datasets from both Insurance DataLab and Consumer Intelligence to see how different sized back books are affecting pricing strategies.
The panellists also drew on data from the Insurance DataLab Customer Experience Report (a summary version is available for free here) and looked at how offering a good customer experience can lead to better underwriting results.
Consumer Intelligence chief executive Ian Hughes said that what this data showed is that different businesses are reacting differently to the challenges that lay ahead.
This means that you cannot expect your competitors to behave the same as they have in the past, and as such you need to be prepared for a market that is fast-changing and different to anything the insurance industry has ever seen before.
If you want to check out the full webinar, you can watch a recording of the entire session for free here. As well as taking an in-depth look at the data, Matt, Ian and Mike also outline which factors insurers might have missed when coming up with their 2022 plan.
