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Personal Lines Insurers Must Innovate and Adapt to Address Predictable Market Changes in the Long- and Short-Term, Says Novarica

Bill Sinn | July 11, 2019

In the near-term, personal lines insurers are likely to prioritize technology investments to increase speed to market, offer a digital experience to policyholders and agents, and leverage analytics to improve sales and operations, while they will have to contend with trends like climate change and demographic shifts in the longer term. In a new report, Personal Lines: Near-Terms and Long-Term Technology Trends, research and advisory firm Novarica explores the future of personal lines over the next three to five years and beyond with a focus on the role of technology in specific functional areas.

"As personal lines become increasingly segmented and competitive, carriers will need highly digitized processes, advanced analytic capabilities, and an effective distribution strategy to succeed," said Chuck Ruzicka, Vice President of Research and Consulting and author of Novarica's new report. "Carriers should wisely invest in technology, selecting carefully from the variety of emerging technologies available. Successful companies will think longer term and develop strategies to address these predictable market changes."

Please contact media@novarica.com or call Victoria Spitz at 833-668-2742 Ext. 130 for more information.


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