Personal Lines Insurers Must Innovate and Adapt to Address Predictable Market Changes

Highly digitized processes, advanced analytic capabilities, and effective distribution strategy among key markers of success: Novarica

Boston, MA (July 11, 2019) – In the near-term, personal lines insurers are likely to prioritize technology investments to increase speed to market, offer a digital experience to policyholders and agents, and leverage analytics to improve sales and operations, while they will have to contend with trends like climate change and demographic shifts in the longer term. In a new report, Personal Lines: Near-Terms and Long-Term Technology Trends, research and advisory firm Novarica explores the future of personal lines over the next three to five years and beyond with a focus on the role of technology in specific functional areas.

“As personal lines become increasingly segmented and competitive, carriers will need highly digitized processes, advanced analytic capabilities, and an effective distribution strategy to succeed,” said Chuck Ruzicka, Vice President of Research and Consulting and author of Novarica’s new report. “Carriers should wisely invest in technology, selecting carefully from the variety of emerging technologies available. Successful companies will think longer term and develop strategies to address these predictable market changes.”

A preview of the brief is available online.

Summary

Homeowners and personal auto insurers operate in a highly competitive market where technology is key to creating advantage in sales, risk management, customer experience, and cost containment.

In the near term (the next three to five years), insurers are likely to prioritize technology investments to increase speed to market, offer a digital experience to policyholders and agents, and leverage analytics to improve sales and operations. In the longer term, they will have to contend with trends like climate change and demographic shifts.

This brief explores the future of personal lines over the next three to five years and beyond with a focus on the role of technology in specific functional areas. Click here for the table of contents or to access the report.

About Novarica

Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.

Source: Novarica

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