Battling inflation, higher claims volume & a never-ending wave of severe weather events, insurers continue optimizing business operations to maintain growth and drive profitability. As such, brands are more selective with who they insure (older, more affluent & less risky consumers) and where they offer coverage, pulling back from especially climate vulnerable areas like California, Florida and Louisiana. Brands are also investing more in technology, including telematics and generative AI, to serve customers more effectively and efficiently. At the same time, cost-conscious consumers are more likely to switch insurance providers in search of better rates and more convenient coverage options.
For more information, please contact Adam Daniele.