Connect 2024: Sedgwick highlights industry trends for year ahead

News provided by

Sedgwick Claims Management Services, Inc.

Jan 17, 2024, 14:00 ET

MEMPHIS, Tenn., Jan. 17, 2024 /PRNewswire/ -- Sedgwick, a global leader in claims management and loss adjusting solutions, has published "Connect 2024," which highlights major industry trends and issues that employers, carriers, brokers and risk management and human resources professionals should watch throughout the coming year.

"As we support our clients in navigating the ever-present and evolving challenges in store for 2024, our analysis pinpoints opportunities for collaboration across a variety of industries," said Scott Rogers, Sedgwick's Chief Client Officer. "Our vision is to overcome obstacles through a forward-thinking approach based in connectedness and unlocking new potential."

Sedgwick's experts and thought leaders gathered research, listened to clients, and identified notable trends related to people, property, brands and performance that will impact the industry in the coming year. They will continue to monitor these issues throughout 2024. Connected conversations will center around:

Helping people: The workforce is not just changing; it has been transformed. The dynamic work environment is being shaped by labor and economic challenges, along with shifting workplace priorities as people expect elevated experiences in the office and in everyday interactions. Key conversations will revolve around the workforce, consumer experience and health and well-being, most notably including:
- Career development
- Enhanced benefits for overall well-being
- Incentives to make the workplace more appealing
- Cost management
- Outsourcing versus insourcing considerations

Restoring property: Insurers and policyholders have been faced with increasing claims volumes stemming from natural disasters, civil unrest and geopolitical developments. The insurance industry will focus on environmental impacts, coverage shifts and evolving risks such as:
- Comprehensive disaster preparation and recovery
- Secondary losses
- Infrastructure vulnerabilities
- Risk engineering and alternative risk strategies

Preserving brands: Organizations across all industries continue to face shifts in the global economy, market conditions and regulatory requirements. In the current market, organizations are considering not just compliance factors, but also brand and reputational challenges. Brands will focus on strategies related to regulation, readiness and reputation while preparing for:
- Complexities of the recall landscape
- Cyber readiness
- Fraud and financial stewardship
- Risks of next-gen technology
- Climate-related risks and disclosures

Empowering performance: The combination of artificial intelligence (AI) and integrated data has had a profound influence across industries and will continue to make waves as it reshapes work dynamics, interpersonal interactions and cognitive processes. Organizations will adapt as economic and geopolitical developments affect global risks, alliances and trade. Conversations will surround topics related to technology, productivity and partnership, covering:
- The ethical use of AI
- Support for and empowering humans, rather than replacing them
- Geopolitical risks
- Concerns around recession and uncertainties in job markets

"The past several years have changed the way we connect with one another and, consequently, the way we view our impact," said Jim Ryan, Sedgwick's Chief Operating Officer. "As Sedgwick uncovers trends in supporting people, property, brands and performance, we hope industry professionals will join the conversation. Together, we can help translate knowledge into experience and turn ideas into action."

The insights highlighted in Connect 2024 are part of a larger campaign spanning blogs, events and articles on the importance of connection in effective claims management. For more on Connect 2024, visit the Sedgwick website here. Users can bookmark the link for easy access to frequent insights from Sedgwick's thought leaders on the latest industry developments.

About Sedgwick
Sedgwick is a leading global provider of technology-enabled risk, benefits and integrated business solutions. The company provides a broad range of resources tailored to clients' specific needs in casualty, property, marine, benefits, brand protection and other lines. At Sedgwick, caring counts; through the dedication and expertise of 31,000 colleagues across 80 countries, the company takes care of people and organizations by mitigating and reducing risks and losses, promoting health and productivity, protecting brand reputations, and containing costs that can impact performance. Sedgwick's majority shareholder is The Carlyle Group; Stone Point Capital LLC, Caisse de dépôt et placement du Québec (CDPQ), Onex and other management investors are minority shareholders. For more, see sedgwick.com.

SOURCE Sedgwick Claims Management Services, Inc.