Insurance Industry: Trends, Insights

Goals

To identify top trends that are on the minds of brokers, carriers, and agents in the U.S. insurance industry heading into 2020 (Specialty and P&C specifically) to include digital and social trends that attract new customers in order to launch a marketing campaign aimed at insurance companies.

Early Findings

Our background research revealed insights on current trends in the U.S. property and casualty insurance industry. Here are some key pieces of information we found:

Property & Casualty Insurance Trends

  • Innovative technologies that help the property & casualty insurance industry do things more quickly with significant savings are creating a focus for many current trends that are on the minds of brokers, carriers, and agents. Tech-savvy customers with greater customer expectations for convenience, speed, transparency, and personalization are driving these top trends and are also on the minds of brokers, carriers, and agents, according to industry experts.
  • Property and casualty insurers offering value-added services to customers with the use of mobile technology is a current trend, according to industry experts. Mobile apps also offer convenience by making it possible for customers "to check their policies on the go and make changes in real time." Integrating mobile technology helps insurers to increase the speed of both underwriting and claims processing.
  • The use of smart home technology and the availability of more comprehensive data from these devices is a current trend per industry experts that makes it possible for the property & casualty industry industry to "make wiser business decisions, mitigate risks before they become claims, and add a layer of personalization to the customer experience."
  • Virtual claims adjusting is a current trend, according to industry experts, as more and more property and casualty insurers are embracing this much faster process for insurers to measure losses remotely, estimate damages, and pay customers more quickly.
  • Blockchain technology that enhances security by making it possible for property and casualty insurers to access and validate data and detect fraud is also current trending, according to industry experts.

Proposed next steps:

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