Changes in the P&C industry are being sparked by a combination of factors, COVID-19, extreme weather conditions and the insurers' need for operational efficiency and business continuity.
Underwriters are optimistic about 2022
It can be said that the insurance industry has moved over from uncertainty to adaptation when it comes to COVID-19. Although COVID is still an issue, it is expected to be an issue that is here to stay.
Commercial Auto Insurance
2021 has seen a rise in accident related deaths as traffic returned to normal levels. 2022 can expect to see more vehicles on the road, rising medical costs, truck driver shortages and litigation environment affecting the Commercial Auto market.
Greenwood General Insurance Agency is staffed with seasoned Underwriters ready to assist you in your risk submissions to ensure all the necessary information is provided. The Underwriters at Greenwood specialize in providing our brokers with everything they need to ensure their success.
Commercial Property Insurance
Although Commercial Property rates are steady, carriers are beginning to roll out models for extreme weather conditions such as tornadoes, hail and wildfires with an increase in premiums to cover any expected loss.
The most strategic insurers are focusing on building flexible enterprises that take advantage of emerging industry trends. Advanced data analytics and AI technologies are being utilized to understand the social climate we are in, improve customer satisfaction and enhance business operations.
Keep an eye out for our next email that goes into depth on how technology will play a key role in the future of the insurance industry.
Here at Greenwood, we focus on fast communication and easy applications, which is what makes our brokers so successful. Get started by booking a free demo with our lead Underwriter.
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