A Strategy Meets Action survey found that almost 60% of personal lines insurers plan to reshape or accelerate their technology plans in the second half of 2021. (Photo: James Thew/Adobe Stock)
The traditionally stable P&C personal lines insurance industry has been shaken up due to the pandemic. Insurers have been used to adjusting to economic swings and catastrophes that affect volumes and financials. Those kinds of adjustments are business as usual for the industry.
But the dramatic changes in customer behaviors and patterns fomented by the COVID-19 pandemic and related lockdowns are new experiences for the industry. Driving miles, personal travel, work-from-home mandates, and online ordering and delivery of food and goods combined to create new challenges for carriers. Seismic shifts in claims volumes, support for agents and employees working remotely, and customer demands and expectations for digital interactions required companies to rethink their technology plans.
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