Adapting to Uncertainty: Commercial Lines Insurers are Approaching Strategic Initiatives Differently
If you were to ask us to describe the transformational activity of commercial lines insurers in the past few years, acceleration would be the first word to come to mind. But in 2023, another word may be more accurate – adapting.
Are Personal Lines Insurers Accelerating Transformational Tech Plans Post-Pandemic?
The COVID-19 pandemic was a catalyst for technological change across the insurance industry, especially within personal lines. Customers demanded virtual and digital interactions, so insurers responded by accelerating the development and investments in transformational technologies. Although it may not be accurate to classify our current era as post-pandemic, insurers have...
The Metaverse: Closer Than You Think or Further Than You Can Imagine?
The Metaverse was one of the major themes at CES2023, as evidenced by a wide range of sessions and tech solutions. The keynote from the Consumer Technology Association identified Metaverse as one of the top themes with the tagline of “Closer Than You Think.” I believe there are arguments both...
Distribution Technology: Where Personal Lines Insurers Are Investing Today
We say it often here at SMA – the personal lines segment frequently leads the insurance industry with deploying new innovations, particularly within distribution. Over the next five years, insurers focused on personal lines will likely continue to spearhead the distribution revolution through new technologies and channel strategies.
Tags: Distribution
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 3200 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
