The personal lines segment is known for leading the charge with innovations and technologies – a reputation that only strengthened during the pandemic. From digital underwriting submissions and virtual inspections to digital FNOL and other capabilities, personal line insurers were poised to meet the new digital needs of customers and employees when other industries struggled to adapt to the virtual era. However, in enhancing processes and workflows to adjust to the pandemic's demands, insurers also uncovered gaps in their
A recent SMA study shows that 41% of personal lines insurers are revisiting their digital transformation strategies in 2022, a significant jump from 19% in 2021. This heightened activity indicates the acceleration of the digital projects identified in SMA's new research report, "
Unsurprisingly, personal lines insurers are most focused on expanding policyholders'
Although signs point to continued digital transformation acceleration across personal lines in the coming years, competition will only grow fiercer as progress gains momentum. Insurers that pause their digital projects for too long risk falling behind peers, losing distribution partners, and being dismissed by current or potential customers. To
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