The Changing Insurance Landscape and Advisory Role of the Broker

Today we launched a new report, The Changing Insurance Landscape and Advisory Role of the Broker, responding to customer needs in light of COVID-19 and growing cyber disruption.

Businesses across the world have faced great headwinds over the past year. From the myriad ramifications the global pandemic has — and continues — to present, to the rising threat of cyberattacks, business leaders and owners are tasked with defending against a broader range of threats than ever before.

Risk mitigation and protection need to be top of the agenda — not just for the leadership team, but for employees throughout an organization. The very survival of the business is at stake and everyone has a vested interest in protecting it. The leaderboard of threats and challenges may change, but the sheer number continues to evolve. And whilst the world is heartened by the positive news in the fight against COVID-19, it is imperative that businesses continue to guard against the ongoing threat and interruption as we learn to live with the virus.

An important piece of the puzzle for many business decision makers to mitigate their risk is insurance. Protection now needs to sit firmly at the center of strategic discussion, as businesses navigate an environment that continues to evolve.

The role of insurance providers — and indeed brokers — is paramount in helping businesses to identify and understand potential solutions. And those brokers with specialist knowledge and expertise, the ability to act as a true advisor to clients and balance proactive management and communications with nimble reactive response, will be those who are sought out and valued most.

To better understand the insurance landscape through the eyes of key business decision makers, TRUE Global Intelligence, the in-house research practice of FleishmanHillard, and the agency’s global Financial and Professional Services practice fielded an online survey of 200 primary decision-makers at businesses in the U.S. and UK in Q4 2020.

Findings include:

• With 50% of U.S. decision makers seeing an increase in cyberattacks and more people working remotely, the majority of businesses are concerned about the potential threat of an attack, with many increasing coverage to protect data and loss of income.
• 84% of U.S. decision makers and 75% of UK decision makers say they are extremely concerned or very concerned about the possibility of cybersecurity threats.
• 40% of decision makers in the U.S. and 27% of decision makers in the UK have changed their property and casualty insurance since the onset of the pandemic.
• Business decision makers want brokers/insurers to provide insights, guidance, data, trends and trainings.

View The Changing Insurance Landscape and Advisory Role of the Broker, Responding to Customer Needs in Light of COVID-19 and Growing Cyber Disruption here.