Insurers have reexamined their strategies amid new demands as underwriting departments experience waves of changes. Now, new research shows the results of insurers’ efforts in transforming their underwriting businesses, and the small commercial segment is entering a new phase of automation.
‘
The past two years are clear evidence of how commercial lines adapted to a rapidly changing world, especially underwriting. Now, insurers are accelerating their plans to move their underwriting departments into the next era.
‘
The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic. Personal line insurers were poised to meet the new digital needs of customers and employees when other industries struggled to adapt to the virtual era.
Although the pandemic helped accelerate innovation in some areas of the business, many commercial lines insurers also came to realize how unprepared they were for the digital demands resulting from the global crisis.
ReSource Pro Consulting research shows that 100% of property & casualty insurers have digital initiatives underway. How will these initiatives and other trends unfold in the coming months? Here are our top five predictions.
In an interview with AM Best TV, Strategy Meets Action’s Deb Smallwood highlighted the key innovations in the insurance industry over the past twenty years.
‘
Many of the innovations that drive the insurance business today were only figments of the imagination just two decades ago. Advancements in data, analytics, and technology have transformed every aspect of the industry, some more significantly than others.
As the insurance industry enters a post-pandemic, digital-first era, property and casualty carriers that fail to adopt an effective digital engagement program, especially one that integrates proactive communication, risk falling behind.
Today, customer expectations have overwhelmingly shifted to digital. The number of people who want all communications via paper or voice is rapidly dwindling, as the majority of the population uses messaging platforms and social media every day and are adept at all manner of mobile and online interactions.