Personal lines insurance rarely sticks with the status quo for long. Societal forces, such as the pandemic and inflation, paired with ongoing changes across the industry, are pressing insurers to reevaluate their business priorities, strategies, and investments, including their channel expansion plans for 2023 and beyond.
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2022 is presenting new challenges that are forcing insurers to shift their channel focus—while initiatives remain aggressive, insurers are scaling back and being more cautious as major transformation continues within insurance distribution.
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Perhaps no other business segment in insurance has seen the ripple effects of distribution changes like personal lines. Agencies and insurers focused on the segment are often the pioneers of innovative, new approaches in distribution.
The insurtech movement, which began around 2010, is both maturing and evolving. This is especially true in the P&C claims space, where companies are gaining traction and having a significant impact on their customers.
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Direct distribution models in personal lines have gained traction and market share over the last two decades. The insurtech movement has now presented new options for digital distribution, such as direct digital via web/mobile.
The insurance industry has shifted its priorities in response to changing consumer demands, altered business patterns, and the ongoing workforce revolution. Recent Strategy Meets Action research revealed business drivers pushing commercial insurers’ technology investments forward in 2022.
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.
The pandemic has altered life in so many ways over the past two years. One change that will likely stick around for years to come is the new workforce dynamic. While talent challenges are nothing new to the insurance industry, new research shows that insurers are prioritizing talent strategies now more than ever before.
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According to a new study from ReSource Pro Consulting, personal lines insurers will continue to advance their digital transformation strategies in 2022.