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CII: Reduction in new business biggest threat in 2021

Jake Carter

January 5, 2021

professional indemnity insurance

A reduction in the amount of new business insurance professional receive is the biggest operational threat they will face in 2021, according to the Chartered Insurance Institute (CII).

This was followed by an increase in remote working, which was identified by the 212 CII members as the second greatest challenge they face this year.

In addition, updating IT processes to cope with the new ‘normal’ way of working was seen as the biggest issue to overcome in 2021 by one in five of the insurance professionals the CII polled.

Just 10 (4.7%) of the insurance professionals believe that fraud risk will be the greatest challenge in 2021.

The feedback from the CII members was gathered through an online poll.

Keith Richards, chief membership officer of the Chartered Insurance Institute, said: “Insurance professionals have had to adapt to the new normal created by measures to slow the spread of COVID-19 at lightning speed.

“The pace of change shows no sign of slowing down in 2021 and will bring new business risks and opportunities to rethink old ways of working, drive greater efficiencies and develop new methods of engaging with consumers.

“Trust in the insurance profession has been impacted by the events of 2020 and it is vital insurers improve the experience for policyholders by focussing on clarity of proposition, promotion and ease of engagement in the months ahead.

“The Chartered Insurance Institute will continue to support members with ways to continue to safely deliver their vital services to the public in the year ahead.”


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