Business and Technology Trends, 2024: Personal Lines

Competition for clients and producers (including agents) is high.

Facing higher loss costs due to increases in claims frequency and severity, inflation, reinsurance costs, and supply chain issues, insurers are significantly repricing and revising personal lines products. At the same time, consumers are shopping around more or dropping out of the insurance market altogether. Datos Insights believes personal lines insurers must move beyond rate increases and a reactive approach to true transformation deploying intelligent technology (AI, automation, data and analytics) to remove operational waste and optimize underwriting selection and pricing.

This report is part of a series on key business and technology trends in specific lines of business in the U.S. insurance industry. These reports draw from the expertise of Datos Insights’ staff, conversations with Datos Insights’ clients and Insurance Technology Research Council members, and a review of secondary published sources.

Clients of Datos Insights’ Property & Casualty service can download this report.

This report mentions AAA Northeast, AIG, Alfa, Allstate, AmGUARD, Amica Mutual, Apple, Arbella Insurance Group, The Automobile Club of Southern California, Cajun Underwriters, Calabrio, California Casualty Group, CCC Intelligent Solutions, Chubb, Citizens Property Insurance Corporation, COUNTRY Financial, Cover Genius, Edison Insurance Co, Erie Insurance, Florida Peninsula Insurance Co., Google, HCI Group, Falls Lake Fire & Casualty Company, Farm Bureau of Idaho, Farmers Direct, GEICO, Georgia Farm Bureau Mutual, GloveBox, Guidewire, Heritage Insurance, Insuritas, InvoiceCloud, J.D. Power, Kemper, Kin, LexisNexis Risk Solutions, Liberty Mutual, Loggerhead Reciprocal Interinsurance Exchange, Louisiana Citizens Property Insurance Corporation, Monarch National Insurance Co., Nationwide, North Carolina Farm Bureau, PayPal, Pekin Insurance Group, Permanent General, PricewaterhouseCoopers, Private Client Select Insurance Services, Progressive, Regal Insurance, SafePoint Insurance Co., Sentry Insurance, Shelter Insurance, Slide Insurance Co., Southern Oak Insurance Co., State Auto, State Farm, StonePoint Capital, Sunnova, Texas Farm Bureau Mutual, TransUnion, and USAA.

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