X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Some people may conclude these developments crowd out humans as automation and AI take over. Nothing could be further from the truth in the P&C industry. The value of insurance professionals will be elevated due to two primary factors: expertise and empathy. (Credit:ipopba/Adobe Stock) Some people may conclude these developments crowd out humans as automation and AI take over. Nothing could be further from the truth in the P&C industry. The value of insurance professionals will be elevated due to two primary factors: expertise and empathy. (Credit:ipopba/Adobe Stock)

Digital transformation has been an overarching theme in P&C insurance for several years. Carriers recognize the future of distribution, underwriting, policy servicing and claims all are dependent upon digital operations. In fact, every part of the P&C insurance business is affected by the march of technology and the way it is changing customers, risks and operations. The pandemic accelerated tech and digital trends, causing carriers to rethink and reshape their plans. SMA research shows that 100% of carriers in all P&C segments have significant digital transformation plans underway as they increase competitiveness for today and prepare for the future of insurance.

Driving this transformation is the way that digital, connected technologies and artificial intelligence are changing the world around us. We are still far from the science fiction scenarios of robot overlords and androids that are indistinguishable from human beings. But the world we inhabit today is dramatically different from just a decade ago. The average person has many digital interactions every day, from ordering dinner or groceries online to shopping for goods and communicating with family, friends and business colleagues. Real-time video, speech-to-text translation for email or texting, online chat and a vast array of social media platforms are readily available and pervasive in their use.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.