How Auto Insurers Are Leveraging Market Disruptions Accelerated by COVID-19
As many people stayed home and traffic reduced, driving violations and mileage became less reliable predictors of loss.
Prior to Covid, insurers handled only a small portion of claims via virtual tools, a pattern that reversed almost immediately.
The Covid pandemic saw a drop in policy endorsements and newly licensed drivers.
Dramatic changes in insurance shopping patterns have insurers watching each other, economic trends and industry experts.
Consumers took advantage of regulatory directives to stretch out payments or avoid cancellations. Tax changes may prolong that disruption.
