Three Property & Casualty Tech Trends to Watch

Property & Casualty Tech TrendsE-signatures are one of the biggest technology trends shaping the Property & Casualty (P&C) market today. As the only e-signature platform designed exclusively for insurance professionals, InsureSign is proud to be a part of the technology solutions that are changing the face of P&C, helping agencies work more efficiently and close more business. So what are some other tech trends impacting P&C today? Here are three to watch:

  1. Mobility: Two-thirds of Americans today own smartphones, and the usage of those devices goes well beyond calling and texting. From banking to job searching, consumer preferences for mobility extend everywhere, including insurance. Many of the major P&C carriers now offer mobile apps that customers can use to pay their bill, get quotes or access customer support. This trend will continue to grow with wider adoption and features that allow policyholders to move through the claims process in a mobile environment.
  2. Big data: Information is power, and in the case of big data, that information gives P&C insurers the power to understand customers at a much more granular level. P&C insurers will start to join the ranks of those in other sectors, such as financial services, that will tap into predictive and behavioral analytics to better perceive risk. In addition, new data sources will be created through technology advances like connected cars, which allows for even greater understanding of customer behaviors.
  3. New lines: Sometimes technology trends aren’t just about the technology that an agency utilizes, but rather the risks they look to manage. Drones are driving new lines of business, with privacy issues, personal injury and property damage among the concerns related to this tech trend. According to findings revealed at a recent Risk and Insurance Management Society Conference (RIMS), drones will be commonly used by 40 percent of businesses in the next five years. With the increasing frequency of data breaches, Cyber coverage is also becoming more popular than ever, but it’s still a tough sell for small- to mid-sized businesses.

Are these tech trends impacting your business? What are some others that your agency is seeing?