The Wholesale and Specialty Insurance Association (WSIA) Emerging Issues and Innovation Committee is tasked with identifying and evaluating information on emerging trends and innovations affecting the surplus lines industry.
This group also produces a biennial heatmap, with member feedback and experience as the driving factors behind the publication. The 2022 update, which is underway, will help define the topics of the Commission’s future direction report and inform WSIA programming.
“The heatmap was developed for WSIA members, and it has also been developed by them,” said Ms. Markel Specialty Executive Regional Service (West) Wendy Houser, who is also chair of the WSIA Emerging Issues and Innovation Committee. “It’s a direct result of survey responses from our colleagues, which makes it a great resource as we poll people in the field to identify the topics of greatest impact for all of us.”
The 2021 Heat Map Survey was sent to all WSIA members this fall and solicited feedback on 21 emerging trends and issues. Members were asked to indicate whether they believed each trend was emerging or continuing; How likely they are to affect the environmental and social industry; How likely it is that the industry will be able to mitigate or respond to the problem; And when they think the problem will affect the industry. The top 15 will be ranked by the perceived likelihood and severity of those impacts in a heat map published in early 2022.
Hauser said several new topics are appearing on Heat Map this year. She said COVID-related topics have been merged to help ensure the issues under consideration reflect current events. These include a construction boom, general pandemic considerations in underwriting and a return to work after the pandemic.
WSIA Project Coordinator, Lindsay Holland, said the Heat Map findings influence the themes of the organization’s Insurtech conference session, WSIA Education Program approaches and emerging issues and innovations, which the panel is organizing for all WSIA members.
During 2021, the committee hosted webinars that included “The Internet, Now and in the Future,” “The New Normal,” “Navigating a Challenging Market 101,” and “Diversity and Inclusion in the Insurance Workforce,” with over 700 participants Altogether.
“Participation in the heat map process is important, because responses drive other WSIA work,” Hauser said. “In 2021, many of the topics of the WSIA University sessions were a direct result of heatmap comments. A course on transportation innovations was presented by a panel that included university faculty and industry professionals, and several other sessions on climate change, social inflation, and post-COVID impacts on Professional responsibility and digital transformation were directly affected by the work of this committee.
The WSIA Heat Map and 19 trend reports are available for viewing and download on the publication page, located under the News tab of the WSIA website. All trend reports now include a written analysis as well as an infographic showing the impacts, opportunities, and threats associated with each emerging trend. Committee members collaborate to publish reports on the emerging impacts of the industry. Volunteers who are members of teams work on research and final reports.
WSIA solicits commission volunteers each year. Anyone interested in participating in the Emerging Issues and Trends Committee is invited to apply through this process in early 2022.
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