As 2023 comes to a close and we welcome the New Year with open arms, it’s time we all start re-inventing our goals and preparing new strategies for 2024. Whether you're in the realm of insurers, brokers, end-users, or the valued customers at the heart of it all, we've rounded up a handful of all the global insurance trends we could find that the experts are predicting will be prominent focuses in 2024. But while we can never truly predict what’s going to happen — especially with the volatility of today’s economy — it’s still vital to look at past trends and use that data to build a rough roadmap of what it’s going to look like for your business. So without further ado, let’s dive into 6 trends the experts are predicting in 2024: 6 Trends to Look out for in 2024 1. Cyber-Security InsuranceWith the growth of AI, machine learning and the growing concerns around cyber threats and attacks, there’s a huge need for protection and a financial safety net for potential attacks against businesses and individuals. With the cybersecurity market expected to top USD 314.28 billion by 2028, and cyber insurance being one of the quickest-growing lines of insurance coverage in the market today, there’s massive potential for growth in this market come 2024.2. Insurance industries will be taking a more customer-centric approach than ever before Deloitte outlined in their annual global insurance outlook that there will be an emerging expectation for a more customer-centric approach to the business.But what does this mean exactly? It means businesses will be required to reduce the siloing of teams, build more interconnectedness amongst dispersed teams and create a more consistent and reliable service for their end users. The outlook also highlighted the shift in perspective towards a more preventative, as opposed to a reactive approach in 2024: “Most insurers are realizing that reacting to risks may not be good enough and are undertaking transformation efforts aimed at preventing losses from happening in the first place.”From a product perspective, the customer-centric approach also means the rise of more personalised plans. Especially with the use of Advanced Analytics and AI in underwriting and risk assessment, companies will be able to offer more individualised offerings — and cater the product to the customer more than ever before. 3. New and improved wellbeing programmes A focus on prevention is in the future of insurance industries — and it’s happening quicker than one might think. In 2024, insurance companies are likely going to have to start shifting their approach to one that supports health and wellbeing, as these topics are becoming top-of-mind for employees and workplaces across the globe. Not only this but the expectations and responsibilities of corporations to become a force for good are also rising faster than ever. “One trend—likely exacerbated by the pandemic and the “great resignation”—is increased consumer demand for employee benefits focused on financial health and well-being” - DeloitteAt YuLife, we’ve built our insurance product around prevention tools that also offer a safety net in case of a crisis. And this concept of employers being responsible for the health and wellbeing of their team is more and more prevalent. 4. Climate Impact and ESG responsibilities Many insurers are also realising the larger role they play in community support and climate change — and 2024 is going to be the year they’ll need to step up more and help prevent risk on a more global scale.Because of the amount of risk in the current economy, unpredictable disasters and catastrophic environmental events taking place, the mindset of “prevention” and “mitigating risk” is becoming more and more prevalent.On the other hand, insurers are also predicted to feel the effects internally. In 2024, insurance companies are going to be faced with finding innovative solutions and risk models to address the challenges posed by extreme weather events, natural disasters, and other climate-related risks.As a result, it’s also predicted that, overall, this shift will begin changing the perception of insurance and shift a transactional product to one of a deeper more holistic relationship with the consumer and beyond.“Even while the most extreme events may appear unavoidable, insurance combined with proactive risk management can still help minimize the degree of their impact on affected individuals and communities.” - Deloitte5. Hiring increaseAcross various insurance companies, there have been large layoffs over the years. But in 2024, insurers have lofty goals to hire more and grow revenue.Almost 50% of people surveyed in a Labor Market Study indicated that their plan to meet rising business demands is through hiring. While only 10% of insurers indicated potential cuts and layoffs, the other respondents hinted at the complete opposite: 63% of carriers want to increase hiring65% of property/casualty insurers aim to grow staff56% of life and health insurers want to expand their teamWhile just 27% plan on maintaining their current staff numbers6. Accelerated digital transformation In 2024, there’s going to be a continued emphasis on digital transformation with a focus on automating processes, enhancing customer experience and improving operational efficiency.We can already see the impact of AI and data analytics in improving business outcomes. In fact, with a recent survey we conducted with HR Ninjas, we learned that 73% of HR professionals are looking to become more data-driven in the New Year when it comes to their employee benefits and insurance offerings. This way, they can analyse the effectiveness of programmes and insurance products, and make a true case for employee wellbeing in the workplace. For insurers, this means if they want to establish themselves in workplaces in 2024, building automated dashboards, analytics tools and data-driven tools are going to be vital product additions.Not only this, but the rise of mobile insurance apps and the ability to conveniently file claims online and access everything in one place is going to become the norm. About YuLife.YuLife is working to reimagine the insurance industry by protecting lives, rewarding living and inspiring life. We’re on a mission to transform traditional insurance into a life-enhancing experience each employee will value and use daily. How does it work? Our award-winning app uses behavioural science and game mechanics to reward your people for living well while offering protection in case of crisis. And with our top-rated employee assistance programme, your team gets access to mental, financial and social support, virtual GPs, nutritionists, life coaches and more to help them live their best lives.Because we believe that your employees should benefit from their insurance from day one — and that wellbeing should be accessible every day, for everyone.Request a demo for your team today.