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Within a somewhat harsh macro environment, the P&C insurance landscape is evolving quickly. Policyholders are looking for more personalized offerings through the platform/channel of their choice. Now, more than simply a concept, the sharing economy is gaining ground and opening new market opportunities for insurers. Non-traditional players have actively entered the insurance space.
As P&C insurers work to manage the evolving business landscape, they are taking steady transformational steps to become an Inventive Insurer by developing direct-engagement channels with customers. Moreover, insurers are leveraging AI-based tools to create auto-adjudication systems and techniques for quicker and more effective underwriting and claims processing. Firms are also developing sophisticated methods for understanding the evolving risk scenario to accurately price products and create customer awareness. These approaches can help insurers provide superior customer experience during critical moments of truth.
Top Trends in Property and Casualty Insurance: 2020 explores the innovative approaches future-focused insurers are taking to stay competitive within today’s dynamic business landscape.