Benchmarking Discussion: How Current and Emerging Auto Insurance Trends Will Affect Carrier Results
Analyze trends to help navigate emerging challenges.
Other types of information can uncover trends that relate to insureds shopping.
Drivers are only part of the reason, as other issues contribute to rising loss costs.
Too often, data analysts forget to deliver their information in terms that are clear and understandable to non-data scientists.
Claims frequencies have fallen at double-digit rates in many areas, but claims volume has not dropped as significantly.
Medical, labor, parts shortages and other rising costs are combining to drive claims costs upward.
Rate increases, car shortages, economic concerns and more are keeping a lid on the number of policies in force.
Retention spiked during the pandemic as regulators and insurers imposed moratoriums on cancellations and payments.
As the average age of autos in use continues to rise, drivers of older cars are likely to drop full coverage.
Analysts have learned that people's personal attitudes and even political affiliations play a surprising role in the observations they report.
