As 2022 continues to unfold, auto insurers could be facing another year of vehicle and insurance shopping volatility as well as increasing claims severity. This is according to LexisNexis Risk Solutions, which reported the auto insurance industry is in a critical phase. "While we have seen some traditional patterns re-emerge with respect to miles driven and insurance shopping volumes, we saw another rollercoaster year due to volatile activity in claims severity, insurance switching, more serious traffic violations and vehicle purchasing due to macroeconomic conditions," Adam Pichon vice president and general manager of auto and home insurance at LexisNexis Risk Solutions, said in a release. "Add to that increasing consumer interest in telematics data and an active regulatory and legislative environment, and we are seeing more signs of a revolution in the industry than a rebound." He added accurate and comprehensive data will allow insurers to price and rate more precisely, resulting in claims being handled more efficiently and a better customer experience. "When you consider all the variables at play, I do think the assertion by LexisNexis Risk Solutions that we are in a revolution of sorts in the insurance industry is apt," Karlyn Carnahan, head of insurance, North America, at Celent, said in a release. "Like no time I can ever recall, insurers are reliant on data and analytics to not only assess risk, but also to provide a more seamless experience for the customer from point of quote all the way through the claims process. Across the insurance continuum, data is oil that keeps the engine running." The above slideshow reveals trends and market movements LexisNexis Risk Solutions has highlighted as more signals of a pending revolution for the auto insurance sector. Related: |

• Lessons learned from the pandemic and the future of insurance
• Telematics use growing globally, despite some driver concerns
• Consumers prefer local branches for home & auto insurance