How Auto Insurers Are Leveraging Market Disruptions Accelerated by COVID-19
The Covid pandemic saw a drop in policy endorsements and newly licensed drivers.
Consumers took advantage of regulatory directives to stretch out payments or avoid cancellations. Tax changes may prolong that disruption.
As many people stayed home and traffic reduced, driving violations and mileage became less reliable predictors of loss.
As insurers make the shopping process easier, don't be surprised to see more consumers shopping.
Insurers should examine their customer materials, including printed and electronic, to uncover ways to make communication simpler and more intuitive.
