2024 Insurance Industry Trends Report
After years of uncertainty, many insurers are ready to take the next steps to implement more effective strategies to grow their business and stay ahead of the competition. How are 431 global insurance executives responding to the latest trends shaping the industry?
Shoring up the Bottom Line: Insurers Prioritize Profitability Over Growth
As global P&C insurers continue to face lingering economic conditions and challenging markets, many are now focused on profitability instead of growth. Innovative new technologies can help insurers increase profitability in uncertain times like these.
Increased Cybersecurity Concerns
Read MoreClimate Change's Impact on the Insurance Industry
The insurance industry is feeling the impact of climate change, prompting insurers to reevaluate their strategies. They're wrestling with the necessity for new models that don't solely rely on historical data to anticipate and manage risks resulting from changing weather patterns.
Overcoming Legacy Challenges
Many insurance companies today are implementing new technologies to overcome legacy pricing and rating processes and digitally transform their business. As they do, they’re seeing how innovative new insurance technology platforms can help develop and deploy new, highly targeted and personalized offers much faster. This infographic looks at 5 challenges and solutions that address the impact of legacy insurance technologies.
Uncertain Economic Conditions
Insurers reported factors such as ongoing supply chain issues, inflation, and new insurance regulations would be some of the most significant macroeconomic conditions they expected to face in the next two years.
Revamping Insurance: Adding Cool to the Basics
Insurers need data-driven approaches to succeed in identifying new business opportunities, better serving customers, growing sales, and improving operations. Introducing: Intelligent InsurOps. Unlock advanced analytics for underwriting, dynamic pricing strategies, real-time rating, and fast delivery of personalized offers.
Speed up Time to Market with a Robust End-To-End Solution
Slow speed to market caused by disconnected systems is one of the main obstacles that insurers face today. Insurers need a single, fully integrated cloud solution where underwriting, pricing, and rating fit together seamlessly. One solution for seamless ratemaking and deployment.
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Innovation Roadmap for the Insurance Industry
Earnix’s Model Accelerator overcomes software constraints by allowing Data Scientists to choose their preferred tools for modeling. Now, any machine learning model can be imported seamlessly into Earnix for underwriting, pricing and rating.
Modernizing & Upgrading Insurance Underwriting
With new technology and the assistance of a reliable and knowledgeable partner, insurers can move rapidly to generate improved business results. Now is the time to move forward with modernizing and upgrading underwriting in insurance.
Winning in a Changing Insurance Landscape with Agile Operations
If insurers want to be able to keep up with changing customer expectations and shifting market conditions, one thing is certain: they need to be a lot faster.
Earnix Pricing Accelerator
Read MoreWhy Speed to Market is Changing the Insurance Landscape
The Personalization Gap
Delve into all the statistics needed to evaluate your position concerning your competitors.
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