CES has become one of the biggest auto shows in the world—but rather than focusing on new models and styling, the orientation is toward the most advanced technology capabilities and the user experience. In this blog we discuss the interrelated themes and trends between the auto show and the insurance industry.
We highlight the five major themes from the CES Las Vegas 2023 that insurance companies should watch for, including some new trends as of this year and ongoing themes from years past.
Small commercial insurers are in a unique position in the insurance industry. While the personal lines segment often pioneers the latest innovations first in the industry, small commercial carriers are frequently at the forefront of change in the commercial market before technologies reach mid/large commercial risks.
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The mid to large commercial lines segment has worked extensively to evolve the distribution ecosystem through new partnerships and expansion strategies. However, according to new ReSource Pro Consulting research, not all solutions meet the expectations of carrier executives today.
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.