The Evolution of Mobility and Transportation: What it Means for Insurers
In part one of this blog series, we discussed major trends spotted at CES, including mobility, electrification, sustainability, and digital experience. But how will these emerging trends impact P&C insurers now and in the future? I categorize the implications into the good, the bad, and the ugly below.
The Evolution of Mobility and Transportation: New Trends Spotted at CES 2023
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. Among the many sessions and exhibits featured this year, I spotted four interrelated themes.
CES 2023: Major Themes in Technology
The CES event in Las Vegas always provides a good window into technological advancements and innovation. The over 3,200 exhibitors and hundreds of sessions once again provided all-encompassing views of the current state of tech and the future possibilities.
Business Drivers Shift for Small Commercial Distribution Tech Investments
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.
Tags: Distribution
Are Transformational Tech Plans Still Important in Commercial Lines Amid Economic Turbulence?
Commercial lines insurers have endured their fair share of ups and downs since COVID-19 was declared a global pandemic over two years ago. And through the course of 2022, geopolitical conflicts and inflation have rocked economies, leading to further uncertainty about the stability of markets worldwide.
Are Insurers Satisfied with Their Digital Offerings for Mid/Large Commercial Distribution?
In recent years, the mid/large commercial lines segment has worked extensively to evolve the distribution ecosystem through new partnerships and expansion strategies. Additionally, carriers in the segment have been deploying new technologies for distribution to not only enhance internal operations and processes but to further support the success of distributors,...
Tags: Distribution
Personal Lines Channel Strategies Break From the Status Quo
Personal lines insurance rarely sticks with the status quo for long – think of the wealth of changes that have occurred in the past two years. Societal forces, such as the pandemic and inflation, paired with ongoing changes across the industry, are pressing insurers to reevaluate their business priorities, strategies,...
Tags: Distribution
Personal Lines Underwriting is Entering a New Age of Data
It would not be an understatement to say that the insurance industry is built on data. For decades, insurers have harnessed data and analytics to drive risk analysis decisions, and perhaps no other segment has done that better than personal lines.
Tags: Underwriting
Commercial Lines Insurers Cannot Afford to Stand Idle in Today’s Channel Environment
Aggressive channel expansion plans are nothing new to commercial lines insurers. In fact, many insurers have built relationships, technology capabilities, and brand recognition for years to form the foundation for their channel strategies today. But 2022 is presenting new challenges that are forcing insurers to shift their channel focus –...
Tags: Distribution
Automation Accelerates in Small Commercial Lines Underwriting
Over the past few years, insurers reexamined their strategies amid new demands and increasingly digital customer interactions, with underwriting departments, in particular, experiencing 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...
Tags: Underwriting