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J.D. Power: The factors changing insurance
Slideshow January 10, 2024 at 12:00 AM
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Although insurance has always evolved with society, the P&C insurance sector is now engaged in a notable business transition due largely to economic forces beyond insurers' control. That, at least, is the conclusion that J.D. Power's Senior director of Insurance Business Intelligence Stephen Crewdson, CPCU, reached in the recent report titled The Five Forces Influencing P&C Insurance Shopping. "The pace of change in the P&C industry has been increasing for years," Crewdson writes in the report's introduction. He adds that insurance is no longer an industry of business traditionalists and is now responding so socio-political and economic forces with accelerated scale and speed. The slideshow above illustrates the five forces changing the nature of business in P&C insurance, according to J.D. Power Insurance Intelligence. See also:
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