2024 Executive Outlook | Shelley Willick, Sandbox Mutual Insurance
Shelley Willick, president, CEO, Sandbox Mutual Insurance
In many ways, 2024 will be similar to 2023 for the Canadian P&C insurance industry. We will continue to face increased consumer expectations, climate change, urbanization, and inflation, along with increased regulation and a tight talent market.
Insurance products must evolve to ensure the industry continues to offer coverages appropriate for consumers. Collaborating with the federal and provincial governments on the creation of Canada’s National Flood Insurance Program is an important step to helping ensure all homeowners have access to affordable flood insurance.
Balancing increased regulation with protection for consumers will apply more pressure on an already stretched workforce. Recently, the Office of the Superintendent of Financial Institutions announced a number of new guidelines effective in 2024. Companies must ensure appropriate talent and resources are in place to ensure compliance with the guidelines.
Research shows consumers buy insurance not because they ‘want’ to but because they ‘have’ to, making insurance a grudge purchase. In addition, the insurance industry has one of the lowest customer emotional quotient scores, with only the hospitality industry ranking lower in terms of loyalty and advocacy. Consumers are looking for carriers perceived to be honest, predictable, and dependable. They also desire ease and simplicity when completing the insurance purchase.
As an industry, we must continue evolving to deliver value and meet consumer needs. This will require investment in technology, including artificial intelligence, to streamline processes.
Investment in talent is also necessary to ensure advice and service exceed consumer expectations. To meet consumer and regulatory expectations in the coming year, the industry must promote the exciting opportunities it holds for a new generation, including:
a strong purpose of helping to protect hard-earned investments
diverse career options, job security, and flexible work arrangements
opportunities for personal growth
connection with amazing individuals
