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Analysis

What the insurance industry needs in 2023 - Part 2

It’s all about accessibility, shared data and analytics that help drive insurers’ strategic imperatives; a broader view helps keep our roads safer.

By Bill Madison | February 28, 2023 at 12:51 AM
With the increases in risky driving behavior and claims severity on the rise, insurers will need to leverage traffic violation data to better anticipate future risk and proactively adjust rating plans. With the increases in risky driving behavior and claims severity on the rise, insurers will need to leverage traffic violation data to better anticipate future risk and proactively adjust rating plans. (Photo: CARLOSRAMOS/Adobe Stock)

Editor’s note: This is the second part of a three-part series. Be sure to read part one as well as the concluding installment. 

In part 1, we overviewed some of the conditions that laid the groundwork for a very unprofitable year for insurers in 2022. We pointed out the need for collaboration and exploitation of technology and data analysis to be able to turn 2023 around. We also outlined some of the most important questions that need to be answered to ensure insurers and consumers continue to benefit.

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