Staying ahead of the curve in the ever-evolving $1.8 trillion property and casualty insurance sector is paramount. The Brush Claims team recently had the opportunity to attend Verisk Elevate 2024 in Salt Lake City, Utah, which provided a comprehensive overview of the industry’s trajectory including valuable insights and key takeaways for carriers and vendors alike.

Through educational sessions, networking events and more, it’s evident that the future of insurance is shaped by a convergence of economic optimism, technological innovation, and strategic foresight. Let’s dive into some of the key learnings we gained from this year’s conference.

Economic Landscape: A Beacon of Optimism

Amidst the uncertainties of the global economy, optimism remains within the property and casualty insurance sector. Both carriers and vendors alike share a positive outlook, strengthened by increased interest from private equity firms seeking to invest in the market and its partners. This enthusiasm underscores a confidence in the industry’s resilience and potential for growth.

Fastest Change: Embracing Automation and AI

The transformative potential of automation and artificial intelligence (AI) is increasingly evident, particularly in claims workflows. The integration of AI promises to streamline processes, improve efficiency, and enhance decision-making capabilities. As the industry continues to digitize, embracing these technological advancements will be pivotal in driving operational excellence and maintaining competitive advantage.

Data Migration: Leveraging Insights for Informed Decisions

The effective utilization of claims data offers operational efficiencies and enhanced decision-making capabilities for insurers. By harnessing data insights and leveraging advanced reporting capabilities, carriers can make more informed decisions rapidly. This data-driven approach optimizes operational processes while enhancing overall business performance and risk management practices.

Refocused Efforts: Prioritizing Insurtech Trends

A notable shift observed across the industry is a refocus on insurtech trends, with a keen emphasis on enhancing policyholder and internal user experiences. The ever-rising expectations of the market demand instant communication, particularly in claims and underwriting processes. This echoes the sentiments at CoreLogic’s INTRCONNECT conference earlier this year, emphasizing the universal importance of meeting evolving policyholder demands.

Workforce Management: Building Effective Contractor Networks

Effective workforce management remains a critical priority for insurers, underscored by the importance of building robust contractor networks. The ability to mobilize resources swiftly and efficiently is essential, particularly in response to catastrophic events. As insurers navigate the evolving landscape, investing in talent acquisition and retention strategies will be key to ensuring operational resilience.

CAT Planning: Anticipating Climate-Driven Challenges

With the looming specter of climate change, catastrophe (CAT) planning has taken on unprecedented importance. The rise in convective storm activity underscores the urgent need for proactive risk mitigation strategies. By integrating climate data and predictive analytics into planning processes, insurers can better anticipate and mitigate the impact of natural disasters, safeguarding both assets and communities.

Networking and Education: Catalysts for Growth

Verisk Elevate 2024 provided a platform for invaluable networking opportunities, fostering meaningful connections between third-party companies, Verisk employees, and carrier executives. The curated classes and learning opportunities offered a wealth of knowledge, equipping attendees with actionable insights and key learnings to navigate the evolving landscape of property and casualty insurance effectively.

Verisk Elevate 2024 served as a testament to the industry’s resilience and capacity for innovation, offering a roadmap for navigating the challenges and opportunities that lie ahead. By leveraging automation and AI, harnessing data insights, embracing insurtech trends and solutions – such as the tech-enabled, human-led innovations at Brush Claims – optimizing workforce management, prioritizing CAT planning, and fostering collaborative networks, companies throughout the insurance industry can position themselves for success in an increasingly dynamic environment.

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