Stagnant, slow to adapt, anti-innovation—these are some of the terms often used by industry insiders and outsiders to describe the P&C insurance space (the world of auto, home and business insurance).
It is a convenient punchline, but a little overused and exaggerated in my view. It's true, many insurers have more to do in order to capitalize on the latest consumer trends and adopt the newest technologies. Many non-insurance companies have a lot to do as well. The situation is not as dire as I hear from other commentators and there are several examples to demonstrate how responsive the industry has been to recent changes in the modern economy and technology landscape. I would like to point out a few:
- Response to ride sharing has been swift: Many auto insurers have been actively following the progress of Uber and its competitors and have been relatively quick to create solutions for their ride-sharing drivers/customers. Remember, this is a new type of risk—there is still not much data to entirely understand the loss experience. However, it seems that every month there is either a new insurer offering a novel coverage solution or an existing player is expanding into new state.
- Drones to the rescue: Several insurers have announced plans to test this technology for use in the claims process, as there is potential to make it more efficient and safer, notably in situations where a catastrophe or extreme weather has occurred. This is cutting edge technology that the private sector has only recently been able to leverage.
- Google Glass may have found its place: Speaking of the claims process, while this technology seems to have fallen out of favor among consumers, some insurers are exploring its use among claims adjusters. Insurance professionals can more effectively record and transmit accident information, creating a more seamless experience.
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