2024 Executive Outlook | Dave Partington, Gallagher Global Brokerage – Canada

Dave Partington, CEO, Gallagher Global Brokerage – Canada

Canada’s property and casualty insurance industry will start to see the return on investments in artificial intelligence in 2024. Many organizations have invested heavily to develop AI solutions that deliver benefits to our clients and colleagues.

At the front-end, brokers will use AI to better inform clients so that they can make better decisions. Our clients will have a simplified and more personalized experience. Back-office efficiency gains from using AI will free up our team’s time to be great insurance professionals.

Next year, we will more effectively promote the insurance industry to the public. This will require brokers, insurers, managing general agents (MGA), and third-party administrators (TPA) coming together to tell our story better. We will purposefully share why insurance is a great place to build a career, what our industry does to support our communities, and how we help to mitigate and manage climate change-related risks for our communities.

Expect the insurance industry to see a dynamic market, as different factors affect pricing. The ongoing impact of inflation, increasing climate change risk, and reinsurance pressure will support price increases. On the other hand, insurer profitability and a desire to grow market share will encourage price decreases.

As we approach 2024, our industry must continue to be innovative, collegiate, and client-centric. That will drive results for our clients, communities, and colleagues. It is always worth remembering that what we do every day has meaning and purpose. It is also rewarding and (mostly) fun. I am hopeful this will continue in 2024 and well beyond.