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.
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