A new Verisk analysis evaluates the personal auto insurance industry and how to get back on track using several strategies and solutions.
Commercial auto insurers, challenged by the pandemic and inflation, can find guidance in innovations from other lines of business.
A new Verisk analysis finds the national average motor vehicle report (MVR) fee has risen to $10.65 and increased more than 25 percent over the past decade.
Verisk has seen a marked increase in insurers seeking strategic sourcing of non-rate actions to confront premium leakage in 2023.
Non-rate actions that don’t require a rate filing are one of the fastest ways to help with insurers’ profitability during a hard market.
Personal auto insurance is set for a hard market in 2022 as claim frequency and severity rise amid inflationary pressures and risky driving.
How connected cars, smart homes, and electric vehicles could impact personal lines insurance carriers and agents.
Increasing speed is becoming the norm for auto insurance quotes, driving digital transformation and data-forward strategies.
Personal auto insurers had a year without precedent in 2020, and 2021 may break more new ground, but in very different ways.
Personal auto mileage has fluctuated widely through the pandemic and the emerging new normal. It may be time for insurers to leverage analytics to avoid premium leakage.
Turn connected cars into a new marketing channel that supports profitable growth in personal auto insurance by using telematics information for proactive prospecting.
Auto insurers can now access driving behavior data from Hyundai through the Verisk Data Exchange to support usage-based insurance and telematics innovation.
Verisk continues to watch personal auto insurance trends resulting from the COVID-19 pandemic and provide likely scenarios and guidance for the new normal.
As personal auto insurers navigate the coronavirus recession and recovery, complex social and economic trends appear set to shape the industry’s “new normal.”
One statistic profoundly affected by COVID-19 lockdowns has been miles driven, and so capturing mileage more precisely may become critical for auto insurers.
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