The Precisely whitepaper highlights that Property and Casualty (P&C) insurers are facing unprecedented challenges due to rising loss costs—$2.6 billion in the US in 2022—driven by inflation, claims severity, rate approvals delays, and fierce competition. Traditional reliance on premium increases is insufficient, especially given regulatory hurdles in state approvals. To sustain profitability, insurers must modernize aging technology and adopt AI and automation to streamline claims processing, reduce operating costs, and improve underwriting accuracy. This multi-pronged strategy is essential amid ongoing macroeconomic and geopolitical uncertainties affecting the industry.

Join for free to read