Automation can compensate for gaps in operations and help reduce delays caused by human error, offering insurance enterprises a competitive edge. (putilov_denis/Adobe Stock)
As people begin to phase back into "normal" life after the global COVID-19 pandemic — returning to the office, attending gatherings, traveling and socializing — the expectation follows that property & casualty insurers will see upticks in business as people purchase policies to support these advances.
However, a recent Deloitte report of insurance executives predicted that insurers are still going to be facing lingering obstacles to growth and profitability throughout 2021. For instance, workers' compensation insurance sales aren't expected to reach previous volumes or premium income levels until late 2022.
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