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Recent research by ReSource Pro Consulting on digital strategies in mid/large commercial lines shows many agencies are uncertain about the impact of some forms of automation. This uncertainty could be depriving agencies of significant growth opportunities.
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New research from ReSource Pro Consulting indicates MGAs face several roadblocks when investing and deploying new technology capabilities. MGAs are tackling various technology initiatives spanning distribution, internal operations, and insurer relations, which are fueling priority conflicts and stretching IT teams thin.
Only a few months ago, it was easy to tell the difference between human- and AI-generated content; today, the task is far more difficult. Experimentation with the technologies is mandatory. Now is not the time to sit on the sidelines and watch—things are moving too fast for that.
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When analyzing the research from two lenses—trends in small commercial and mid/large commercial— we uncovered several major themes that define how commercial lines insurers are approaching strategic initiatives today.
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The COVID-19 pandemic was a catalyst for technological change across the insurance industry, especially within personal lines. Although it may not be accurate to classify our current era as post-pandemic, insurers have adjusted their plans to match the needs of society today.
To achieve long-term growth, a carrier sought to expand into new lines of business and diversify geographically with new products & channels. Throughout this journey, the client needed to maintain a strong balance sheet while delivering a superior customer experience.
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There are arguments both for and against the near-term emergence and impact of the Metaverse. It is fun to think about how it may dramatically alter human existence in the future, but first, it is important to define what is even meant by the term—and there is no universal agreement on the concept.
Understanding the needs of stakeholders and allocating investments accordingly to enhance digital capabilities not only improves the customer experience of agents and policyholders but also delivers greater efficiencies internally.
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Previously, we have discussed major trends including mobility, electrification, sustainability, and digital experience, but how will these emerging trends impact P&C insurers now and in the future? We’ve categorized these implications into the good, the bad, and the ugly.