By Jim Porcari
In this post, we will highlight some of what we think are some of the enduring trends in the auto claims space of the P&C market. These include:
- Lower Frequency
- Using new technology in old ways
- Focus on LAE in a vacuum vs. lowest ultimate cost
- Strategic partnerships
- Insurance industry as a fast follower vs., innovator
- Finding people via referrals & “networks”
Some of these enduring trends are exogenous to specific insurers and will take time to play out, but insurers unwilling to look at and plan for the long term, will simply fail faster, accelerating the inevitable (and much needed) consolidation already beginning to occur.
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