Insurers are using nascent data signals and critical insights generated in the claims process to fine-tune responses and address anomalies in real-time. (Credit: BritCats Studio/Adobe Stock)

Property and casualty (P&C) insurance business models have been put to the test over the last few years as a combination of sky-high repair costs, longer cycle times and a steady stream of rate increases have driven record levels of customer attrition and strained profitability.

In auto insurance, for example, despite industry-wide premium increases of 11.2%, on average, insurers have been losing five cents for every dollar of premium they charge for much of the past year.


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