Executive Outlook 2022: Heather Masterson, Travelers Canada

Heather Masterson, President and CEO, Travelers Canada

The past 20 months have brought unexpected challenges for our industry, but at the same time we’ve learned valuable lessons around planning and the critical importance of agility.

We saw further acceleration of the technology transformation underway across our industry. From remote access and collaboration tools to virtual risk assessments and contactless claim management, our digital capabilities continued to evolve from business efficiency to business necessity.

The last 20 months has shown us digital connectivity and talent are more important than ever. Balancing human connection with technology, and rebalancing as necessary, will become even more essential as we transition out of the pandemic. A lot has changed over the last two years, but our commitment to taking care of our customers, communities and each other remains at the heart of everything we do.

In 2022, we will continue to expand our product offerings and identify new ways to enhance the experiences we provide for our customers and brokers.

Innovation and technology will continue to transform our industry and the types of services we provide. Our customers and distribution partners will expect seamless, simple and personalized coverages and services. Collaboration between insurtechs and insurance providers will play a role in accelerating how insurers adapt and refine their technology plans.

The year will be filled with both opportunities and challenges as continued low interest rates, inflation, and labour and supply shortages put pressure on underwriting income. We can also expect to see more attention on wordings and coverages for emerging and specialized risks. Consideration of tail events previously thought of as remote will affect the amount and type of coverages available and will lead to new products to cover these emerging risks. Similarly, as environmental, social and governance (ESG) risks and opportunities continue to accelerate, the ability to respond in these areas will become increasingly important for carriers.

See all the 2022 Outlooks here.