ATLANTA — LexisNexis® Risk Solutions today released its 2021 U.S. Auto Insurance Trends Report, which aggregates annual market data about driving behaviors, auto insurance shopping, underwriting and claims to help insurance carriers better understand the shifting landscape. This year’s report analyzes 2020 data to reveal changes in consumer behavior, carriers’ reaction, and the overall impact of the COVID-19 pandemic on the auto insurance industry. It also provides auto insurance carriers with trended insights to help improve their capabilities and competitiveness across the auto insurance lifecycle.
“When we look at all of the 2020 auto insurance trends, we can see a pattern that comes from a series of disassociated events,” said Adam Pichon, vice president and general manager, auto insurance, LexisNexis Risk Solutions. “While the evolving impact of the pandemic is still unknown, understanding these trends and evaluating their projections can help insurers make better business decisions and more confidently prepare for the future regardless of unexpected market turbulence.”
The report looks at how consumer behavior and carrier business practices tied to the auto insurance policy lifecycle diverged in 2020 from the patterns we typically see – largely due to the influence of COVID-19.
Auto Insurance Trends Highlights a Rollercoaster Year
The trends identified in this year’s report highlight several opportunities for auto insurance carriers to improve their business operations regarding quoting, underwriting, and claims, and prepare for any future disruptions. To download the LexisNexis Auto Insurance Trends Report, click here.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.