How Auto Insurers Are Leveraging Market Disruptions Accelerated by COVID-19
Despite the many personal, business and economic changes that occurred during Covid, credit scores largely held steady.
The Covid pandemic saw a drop in policy endorsements and newly licensed drivers.
As many people stayed home and traffic reduced, driving violations and mileage became less reliable predictors of loss.
Surveys results show that most consumers do not expect driving activity to return to pre-Covid levels.
Prior to Covid, insurers handled only a small portion of claims via virtual tools, a pattern that reversed almost immediately.
Exclusive insurers' websites became a leading insurance shopping destination.
Insurers should examine their customer materials, including printed and electronic, to uncover ways to make communication simpler and more intuitive.
Consumers took advantage of regulatory directives to stretch out payments or avoid cancellations. Tax changes may prolong that disruption.
As insurers make the shopping process easier, don't be surprised to see more consumers shopping.
Dramatic changes in insurance shopping patterns have insurers watching each other, economic trends and industry experts.