7 Market Changes Insurers Should Exploit

Insurers aren’t writing more premium, so they need to innovate to stay profitable, said Aon Benfield Analytics Head of Strategic Consulting Kelly Superczynski during Plante Moran’s 4th Annual Insurance Industry Conference in Chicago on Oct. 24, 2013.

So, where are these opportunities? Superczynski identified some market changes that insurers need to pay attention to and the opportunities they present for insurers to innovate in terms of the products they offer.

Photos courtesy Fotolia

1. Auto Safety

Auto premium is the biggest premium generator for auto insurers. Increasing safety features, such as lane sensors, distance sensors, etc., and the impending driverless car will drive down premiums, so auto insurers need to identify how to respond. One possibility is adding manufacturer product liability.

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