For personal auto insurers, the story of the last few years can be summed up in just a few words: rising claims costs.
The confluence of riskier driving, costlier auto components, supply chain disruption, and inflationary pressures created a 2022 that was the worst in many carriers’ histories, with a number of auto insurers posting combined ratios above 100, including some high-profile industry leaders with ten- and eleven-figure losses.
Year in and year out, distributor ease of doing business is almost always among insurers’ top business priorities; this has been true essentially for as long as Aite-Novarica Group has tracked insurers’ IT and business priorities. Technologically, insurers’ emphasis on agent- and distributor-facing capabilities translates into investments in portals, APIs, and self-service for new business submission and policy transactions.
Straight-through processing (STP) is often among insurers’ top goals for leveraging technology to improve efficiency for property/casualty and
Insurers regularly experiment with emerging technologies to find more efficient and effective ways to manage information, workflow, and risk. On Thursday, March 16, I hosted Aite-Novarica Group’s webinar Emerging Technology in Insurance for 2023, along with my colleagues Head of Property & Casualty Insurance Martina Conlon and Senior Principal John Keddy.