Transformational Technologies in P&C Personal Lines: Insurer Progress, Plans, and Predictions for 2022 and Beyond

Author(s):

Deborah M. Smallwood, Senior Partner

Mark A. Breading, Partner

Karen Furtado, Partner

Publication Date:

December 29, 2021

Number of Pages:

13

Price:

$1,495.00 USD

Personal lines insurers responded quickly during the pandemic to meet consumers' rapidly evolving needs, including investing heavily in digital capabilities to allow for remote access for customers, agents, and employees. But in the nearly two years since, the world turned upside down, and new research shows that personal lines insurers are reprioritizing their digital transformation plans. Today, the development and implementation of certain digital capabilities are moving full steam ahead while others have nearly come to a standstill.

In this SMA report, thirteen technologies are identified as transformational today, including six AI-related technologies and seven non-AI-related technologies. For each technology, the report examines trends in personal lines insurers’ investment and activity levels as well as the progress made to date. The report ends with key recommendations on how insurers can keep up with the world's changing technology environment.