Sedgwick’s industry experts and thought leaders are committed to keeping our clients informed on emerging trends and industry news. We’re excited to introduce “Drive to thrive in 2021” which highlights the topics and trends that employers, risk management and human resource professionals, brokers and carriers should watch for in the new year.
- Resilience >>> Readiness
- People >>> Productivity
- Care >>> Advocacy
- Technology >>> Consumer experience
- Evolving risks >>> Response
- Regulatory change >>> Compliance
- Trends >>> Transformation
2020 was a year like no other and it is undeniable that 2021 will also bring its own set of unique challenges. As we move from “what now” to “what’s next”, we will continue to come together as we explore everything from resilience to transformation. Undoubtedly, the new year will bring many new opportunities for growth. Those who thrive in the aftermath of adversity do so in large part not by simply staying the course, but by adapting and embracing change.
The topics below are part of our Drive to thrive in 2021 that our team, alongside our partners, will continue to write about and create solutions for throughout the year. As always, we welcome your feedback. What areas do you look forward to learning more about? Let us know in the comments.
Resilience >>> Readiness
Employers will look to address the lingering effects of 2020 on their employees by engaging in physical, emotional and financial wellness initiatives. Crisis resources, recovery tools, support networks and more will be essential to protect businesses and brands and maintain continuity through the ongoing challenges of 2021.
People >>> Productivity
Adapting to the new remote reality, there will be a sustained focus on longer-term health, wellness, presenteeism and productivity for workers and workplaces. Areas to explore include safety, ergonomics, talent and recovery.
Care >>> Advocacy
Mental health support will be critical in the face of ongoing, cumulative stress for many workers. We’ll keep an eye on drug trends, testing, treatment, telehealth and tracking through the year. Technology will continue to evolve the claims experience, but the human factor remains at the forefront and we anticipate more of a shift toward simplification through integrated and concierge-level services.
Technology >>> Consumer experience
Economic uncertainty combined with sudden changes in customer habits and pain points will prompt many businesses to turn to data analytics in search of efficiencies and opportunities. Throughout the digital journey, technology is being used in new ways to keep up with the pace of innovation, to enhance consumer experience and outcomes, and to enable self-service and virtual engagement.
Evolving risks >>> Response
Emerging from 2020, we’ve seen how catastrophe plus crisis can create the perfect risk storm. Furthermore, many things are coming together to accelerate the hard insurance market. Partnerships will be vital as businesses respond to an evolving risk environment that includes threats from supply chain disruptions to economic uncertainty to cyber vulnerabilities.
Regulatory change >>> Compliance
Employers will face increased compliance requirements in the face of new and changing regulations and pandemic-related guidelines. Integration and collaboration between corporate departments, partners and teams will be more critical when navigating through compensability, liability, coverage and compliance concerns.
Trends >>> Transformation
Organizations must remain nimble and adapt to a post-2020 reality. COVID-19 has fundamentally changed the way we work, interact, consume and live – and this will continue to be reflected in claims and productivity trends throughout the year. Around the world, we envision change as a result of economic uncertainty, political shifts and calls for greater diversity and inclusion. However, those who embrace new models will find opportunity to thrive.
For more on the “Drive to thrive in 2021” list and Sedgwick’s industry thought leadership, visit the Sedgwick website and follow the Sedgwick blog Connection at www.sedgwick.com/blog.