How AI will change claims in 2022. Claims leaders are thinking about opportunities to automate workflows, empower claims professionals with decision support tools and data, and connect policyholder experiences to the back office. (Photo: Production Perig/Adobe Stock)

In 2021, the insurance industry was buffeted by the four-pronged effects of climate change, social change, the pandemic, and the evolving expectations of employees and policyholders. In the year ahead, we expect these forces to continue to accelerate digital transformation.

First, profit pressure (particularly from cat losses) will keep insurers focused on finding new ways to reduce loss ratios and price risk accurately. According to investment bank Jefferies, cat losses in 2021 were the fourth highest annual total in the last two decades and the highest in the last three years.

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