As personal auto insurers navigate the coronavirus recession and recovery, complex social and economic trends appear set to shape the industry’s “new normal.”
You read about accidents caused by distracted drivers in the news all the time. It’s a serious issue and one that deserves attention by commercial auto insurers.
Substantial investments can keep companies anchored to legacy processes, but auto insurers may need to rethink their quote flows to pursue profitable growth.
Insurers are meeting consumers in a new world of expectations set not only by their direct competitors but by retail businesses outside the insurance industry.
Competition and tight margins have driven many personal auto insurers to a sales process in which a customer may see the quoted rate change before bind.