P&C Personal Lines Insurers: Viewing Key Strategic Initiatives Through A New Lens
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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.
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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.
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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.
The move toward broad-based digital capabilities will require insurers to understand how specific technologies contribute to digital transformation and how priorities and roadmaps are changing in the current environment.
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.
There are as many paths to digital transformation as there are insurers. Each is unique based on the product mix, distribution strategy, culture, and state of the company’s systems and data. However, Strategy Meets Action (SMA) has developed a framework for assessing digital capabilities that insurers are using successfully.
As the number of seasoned producers nearing retirement rises, agencies must focus on creating a more robust producer development model, one with a curriculum that will challenge participants and help them be successful in today’s complex insurance marketplace.
Whether we are moving toward a post-pandemic era in the U.S. is debatable, but what seems clear is that tech-related plans are moving ahead full steam. So, what does the big picture look like?
New research by ReSource Pro Consulting has found that while familiar distribution trends continue, carriers are also beginning to experiment more with new strategies, such as expanding partnerships with affinity groups. In this article, we’ll share some of our key findings.