As Artur Hiaveve has noted, 2020 has been a challenging year for everyone. Insurance consulting has not been spared, and in order to keep up with the rapid changes thrust upon the world this year, the industry has gone through a transformative process. There are countless ways insurance consulting is changing, but there are three that have dominated conversations this year.
Artur Hiaeve’s Thoughts on New Legislation
As Artur Hiaeve put it, let’s talk about the virus in the room. On its own, the COVID-19 pandemic would have reshaped the insurance industry and the consulting that comes with it. Mixed with government intervention, it’s a wild ride.
In many states, holds have been placed on insurance companies that prevent them from dropping delinquent customers. Along with changes to in-person business practices, there are new regulations that have rewritten the rules for insurance and insurance consulting. Two of the biggest hurdles are learning to be as remote accessible as possible and finding ways to account for dramatically altered insurance revenues. As things continue, legislative changes will remain difficult to predict and volatile.
Artur Hiaeve and Consulting Growth During Uncertainty
Typically, insurance is bad for economic growth. So far, 2020 has seen entire economies shrink — much less the industries within those economies. Despite that, Artur Hiaeve has tracked that consulting, across industries, is in a state of growth.
Turmoil breeds uncertainty, and in times of uncertainty, people want expert consultants. While 2020 isn’t done yet, Artur Hiaeve’s projections expect 14-percent job growth across all consulting agencies in the U.S. in 2021.
Artur Hiaeve Explains the Value of Real-Time Analytics for Pacing Rapid Change
As Artur Hiaeve has pointed out before, digitization and big analysis have been the trends in insurance consulting for a few years now. 2020 hit the accelerator on these trends. Insurance companies need to know real-time trends on demand.
Top insurers were able to track a sudden drop in car accidents in April and adjust accordingly. Smaller insurers that couldn’t keep up lost a competitive edge when rebates came to customers in June. This is just one example. Artur Hiaeve regularly explains that volatility increases the demand for expertise. Fast and powerful analytics are the engine of expertise, and data is the fuel for that engine. For insurance consulting, data collection and analytics should be a top priority for investing through 2021.
This has been a year that tested everyone. Those who can stay on their toes and adapt to rapid change are thriving. Those who can’t are struggling. Staying informed is the key to being ahead of new trends. It’s an enormous challenge, but it’s an insurance consultant’s job to do what it takes to be the expert everyone needs.