2021 insurance outlook : accelerating recovery from the pandemic while pivoting

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<subTitle>: accelerating recovery from the pandemic while pivoting</subTitle>
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<namePart>Shaw, Gary </namePart>
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<namePart>Baumann, Neal</namePart>
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<dateIssued>2020</dateIssued>
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<abstract displayLabel="Summary">The COVID-19 pandemic severely disrupted insurer operations, pr ompting an overnight shift to remote work and virtual customer engagement while exposing gaps in digital capabilities and raising cybersecurity concerns. Deloitte's global outlook survey of insurance executives found expense management more strongly emphasized than before the outbreak. However, rather than cutting costs across the board, most insurers are likely delaying or scaling back prepandemic investments in part to free up capital for higher priority projects and talent that can help them adapt sooner rather than later. The need to accelerate digitization and enhance virtual operations turned headwinds into tailwinds at many insurers, driving faster action to deliver within the coming year what might originally have been three-to-five-year transformation plans.</abstract>
<note type="statement of responsibility">Gary Shaw, Neal Baumann</note>
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