Business intelligence and telematics will be the latest trends in the property and casualty (P&C) insurance industry emerging for the second quarter, a recent analysis by insurance solutions provider Waterstreet Company has revealed.
The company’s findings also highlighted the importance of innovative technologies and practices that reduce risk and improve the overall performance of P&C insurance companies.
According to the analysis, business intelligence is one of the key trends transforming the P&C insurance industry. This technology, Waterstreet explained, helps insurance companies identify potential risks and develop proactive strategies to mitigate them, resulting in fewer claims and lower overall insurance costs for customers.
Telematics is another trend gaining ground in the P&C insurance industry. It uses data from connected devices to provide insights into driver behaviour, enabling insurance companies to better understand the risks associated with individual drivers and offer more tailored and cost-effective insurance policies.
Collaboration between insurance companies and other stakeholders, such as policyholders, regulators, and technology providers is important, Waterstreet also highlighted.
The company believes that by working together, the P&C insurance industry can drive positive change and improve risk management practices.
Gregg Barrett, CEO of Waterstreet, said: “The P&C insurance industry is facing new and complex risks, and companies need to be innovative in their approach to risk mitigation.
“At Waterstreet, we are committed to helping our clients stay ahead of the curve by identifying the latest trends and developing new solutions that meet their evolving needs.”
