Inflation Must Not Curb Insurance Innovation
24. October 2022
Inflation is the highest it has been in over 40 years, and consumers are feeling the pain.
One area that had been relatively unaffected was insurance. But now premiums are rising across the board for auto, health, life and homeowners insurance policies.
McKinsey reports that insurance carriers need to plan for inflation to persist and factor it into their ongoing business strategies and tactics. This provides a tremendous opportunity for insurers to innovate. Even during these tough economic times, insurers can provide solutions for customers that meet their needs.
Aaron Wright, Director of Strategy at Earnix, shares that inflation should not curtail modernization and advises companies to utilize innovations to deal with the short-term impacts of inflation and to progress on their strategic goals