How Insurance Companies Performed During The Pandemic

5 Leading Trends In Property And Casualty Insurance

The COVID-19 pandemic has forced the insurance industry to shift and adapt to new ways of working and serving customers.

While the sector of Property and Casualty (P&C) Insurance may not have experienced as significant a pandemic induced decrease in activities in the way that other insurance sub sectors have.

Nevertheless, this booming trillion-dollar industry shows no signs of slowing down. State Farm Insurance was the largest mutual property and casualty insurance firm in the United States in recent years, with revenues of around 79 billion dollars.

Obtaining a Property and Casualty (P&C) license

Being licensed in P&C Insurance is an excellent way to diversify your areas of expertise and grow as an insurance professional. The application process differs from state to state, and all P&C license holders will also need to pass their state’s Property and Casualty Insurance exam.

True to form, The Really Useful Information Company (TRUiC) has released this excellent piece of research, which serves as a great place to start for anyone with questions about the Property and Casualty License and how to go about it.

Below are a number of leading P&C Insurance trends that keen industry participants should take note of in order to grow along with the industry:

Humanizing the Industry

The years 2020 and 2021 presented a unique set of global challenges, both personally and professionally. Resultantly, we have seen a shift to emphasis on sympathy and empathy in the workplace.

Employees have taken note of the reaction of bosses and executives during a time of distress and unforeseen challenges.

Similarly, it would make sense that P&C Insurance customers would appreciate a sense of human kindness in their interactions with industry employees.

Incorporation of the Digital

The pandemic has fast-tracked the digitization of most industries, and the P&C Insurance subsector is no exception to this trend. Property and Casualty Insurance service providers are revisiting and rethinking their operating models to still be able to run efficiently at a time when blanket movement restrictions were imposed throughout the US and working from home was a necessary step to take in this endeavor.

Efficient digitization of company resources and functions also allows an organization to protect itself from future disruptions such as this, which may long have been thought to be entirely far fetched but quickly became a reality.

An Easier Claims Process

Negative claims process experiences have long plagued the insurance industry as customers may feel as though insurance companies are quick to take their money, but slow to process any claims brought forth.

Accelerated digitization has introduced the opportunity to transform this process for clients and make it a far more efficient and less frustrating experience.

Personalization & Collaboration

In keeping with the trend of humanizing the industry, the idea of policy bundling customization speaks to a customer-centric approach in order to better address their evolving needs.

Relevant here is the growing trend of opportunities for cross-industry collaboration – for example: a property insurance provider may team up with a security service provider to offer customers a discount in their insurance coverage when purchasing certain security upgrades from a partner company.

Less of an Emphasis on Physical Presence

The acceleration of technological tools has introduced the possibility of rather seamlessly working remotely. What this means for the industry is that clients can be reached regardless of where they are.

Additionally, talent can be recruited from across the globe and continue to perform their duties and serve their clientele from any location with internet access.

Remote work seems to be the way of the future, or to put it in pandemic terms, “the new normal”. Many employers have opted for the option of permanent remote work and others who refuse to adapt may find themselves with a rather small pool of talent willing to go back to the old way of operating.

Final Thought

Pandemic response has highlighted the need for adaptability and diversification in the way professions and industries are approached.

Becoming licensed in Property and Casualty Insurance is an excellent way to broaden your scope and expertise as an insurance professional, as doing so limits the impact of any particular circumstantial emergency response disproportionately affecting only a handful of industry subsectors.

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