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Articles by Bill Madison
Auto Insurance Shopping Remains Strong as the Auto Insurance Industry Grapples with Another Turbulent Year in 2024
It is no great secret that the auto insurance industry has faced considerable profitability concerns over the past few years, especially dating back to 2022. As more drivers returned to the roads in 2021, troubling trends began to emerge. First, claims severities have been a major challenge, registering six consecutive quarters of at least 5% growth through the first six months of 2023, according to the LexisNexis® Insurance Demand Meter.
Road to profitability: Adapting to radical changes in U.S. insurance
At a certain point, you have to launch and learn. What you will find is that the learning itself is what brings about real innovation. Photo: fotokitas/Adobe Stock Change is always risky, but complacency during times of dynamic change is a larger risk to any organization. The winds of uncertainty are swirling around us with some hardening markets across the insurance landscape. The opportunity for change is right in front of us.
What the insurance industry needs in 2023 - Part 3
McKinsey reports that insurers who employ advanced data analytics can see their loss ratios improve from 3% to 5%, their business premiums increase 10% to 15% and customer retention in profitable segments jump from 5% to 10%. (Photo: metamorworks/Adobe Stock) Editor’s Note: In part 2, the importance of taking a broader view of the industry through the use of data analytics was emphasized and the key to pivoting in today’s rapidly evolving post-pandemic insurance market.
What the insurance industry needs in 2023 - Part 2
With the increases in risky driving behavior and claims severity on the rise, insurers will need to leverage traffic violation data to better anticipate future risk and proactively adjust rating plans. (Photo: CARLOSRAMOS/Adobe Stock) PropertyCasualty360.com editor’s note: This is the second part of a three-part series. Part one can be read here. In part 1, we overviewed some of the conditions that laid the groundwork for a very unprofitable year for insurers in 2022.
What the insurance industry needs in 2023 - Part 1
Insights into changing market conditions, driving and shopping behavior, violation patterns and claims activity, to name just a few, have become invaluable in helping insurers navigate the evolving landscape of the insurance industry.
Connected Car Services Simplified for Automotive OEMs With Launch of Software Development Kit - Insurance Insights
Automotive OEMs looking to leverage connected car data now have a new option when it comes to raising consumer engagement and offering their customers usage-based insurance (UBI) options through participating insurers.
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