According to a new report from financial giant Ernst & Young (EY), 2016 is going to be quite a different year for property and casualty insurers than recent times. There will be transformations in a number of areas within this industry, including an increased reliance on technology, customer expectations, pricing models as well as the economy and overall financial interest rates.
"Insurers that stay ahead of these shifts should reap substantial benefits, while laggards risk falling behind or even out of the race," the EY industry outlook report said. "Refining legacy products and approaches is not enough. What is required is a fresh outside-in approach that starts with the customer and carriers through to digital trends and market shifts, both inside and outside the industry."
So what are some of the specific transformational elements that will come into play throughout 2016? As EY explains in its report, insurers will need to rethink old pricing models in the age of pay-as-you-go. A greater focus on customer-focused analytics will be the goal of the upcoming year. This adjustment in pricing will also come as more and more consumers comparison shop for insurance online, knowing exactly what they should be paying for what coverage over time.
As the leading provider of web-based property valuation solutions, e2Value can assist you with all of your Insurance-to-Value (ITV) and collateral value monitoring needs. Whether you are looking for valuations for high-value homes, mainstreet homes, condos, co-ops, commercial properties, manufactured homes, log cabins, or farms and ranches, our patented estimator can quickly calculate the cost of replacing a residential, commercial or farm structure, and provide you with a fast, cost-effective and accurate replacement cost valuation.