By using advanced data and analytics in areas like marketing and underwriting, insurers can provide a seamless, expedited experience to the low-risk customers while triggering in-depth underwriting for higher risk prospects. (Credit: Flash concept/Adobe Stock)
The recent reactionary response to combat the profitability problem for many P&C insurers has been drastic to say the least. Insurers have pulled out of markets, stopped writing policies or chose to "quiet quit" profit-challenged states.
Personal lines customers experienced rate increases to the point many are now choosing to significantly reduce coverage or not carry insurance at all due to affordability issues. In fact, in just one year, auto insurance rates have jumped by 26% across the U.S., according to Bankrate, with even the "good" drivers paying an average of $2,543 annually in 2024.
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