2018 Digital Trends for the Property and Casualty Insurance Industry

2018 Digital Trends for the Property and Casualty Insurance Industry
2018 is rapidly coming to a close, and it’s important to acknowledge how technology has disrupted the property and casualty insurance insurance industry over the past year. While the industry historically has been slow to adopt technology, the influx of Insurtech companies in recent years has caused insurance carriers to embrace digital trends in order to be competitive.
Here is an overview of the 2018 digital trends that have made the biggest impact on the property and casualty insurance industry:

1. Ability for insureds to file claims using their mobile devices.
For many years, the process of filing an insurance claim involved insureds calling the insurance carrier and having to be prompted through several steps before being able to speak with someone to file the claim. In an effort to make this process less tedious and more convenient for insureds, many insurance carriers now offer the ability to file claims using mobile devices. This once cumbersome process has now been streamlined for all parties involved, helping to create a better user experience.

2. The use of artificial intelligence (AI) to improve the customer experience.
Whether filing a claim on a mobile device or researching types of insurance coverage on a website, insurance carriers are finding new and innovative ways to improve the customer experience. While it may not always be feasible for insurance carriers to get valuable face time with insureds during a residential or commercial inspection, they can use AI chatbots to compliment the online experience and offer a more personalized degree of service.

3. Online enrollment makes it easy to buy insurance.
Instead of having to meet face-to-face with an insurance agent to walk through potential policies, insureds can use their mobile devices to browse policies and secure coverage. Many insurance carriers allow clients to input information about themselves into their mobile apps to receive quotes for policies that best suit their needs and budget.

4. Insurance carriers are embracing the Internet of Things (IoT) to more accurately assess risk.
If insureds are using smart sensors and devices such as learning thermostats and wireless security systems, some insurance carriers are willing to offer a discount on premiums if the insured agrees to share this data with them. Using a residential or commercial inspection to identify smart devices and educate the property owner about how these devices can provide them with insurance cost savings will help to strengthen the relationship and mitigate risk.

The property and casualty insurance industry has evolved greatly in 2018, and we can expect many of these digital trends to continue in 2019.

While these digital trends have made a positive impact on the insurance industry, it’s important to remember that technology can’t replace the value of an in-person property inspection. Our team at Insurance Risk Services has nearly 40 years of experience in preparing through in-person residential and commercial inspection reports to help insurance carriers best determine which risks are worth taking.

Contact us to learn how a residential or commercial inspection completed by Insurance Risk Services will strengthen your underwriting process.