Innovations Transforming the Home Insurance Buying Process

Property Carriers Reveal Top Digital and Automation Technology Trends

The way consumers buy home insurance is changing. Consumers expect insurance companies to provide them with a seamless experience on their preferred channel – a trend that has been accelerated by the COVID pandemic.

To better understand this trend and others, LexisNexis® Risk Solutions surveyed the Top 50 property insurance carriers in 2020, just as our homes were becoming the center of our world.

Digital engagement is no longer just a communication channel. It is now a way of doing business. The pandemic forced carriers to replace many in-person meetings with remote interactions and required them to re-evaluate their regular go-to-market strategies.

Highlights:

• Data connects each step of the customer experience journey
• Digital buying experiences and quote automation options are growing
• Access to current data from a variety of sources is critical to minimize friction
• Self-service apps, aerial imagery, insurtech carriers and the gig economy are disrupting the market
• COVID will have a long-term effect on Go-To-Market strategies

Carriers that have not yet made long-term investments in digital and automation technologies risk being left behind. Find out the trends driving innovation to improve profitability and reduce underwriting expenses.