2019 was a year of great opportunities and challenges in the insurance industry. While several significant trends impacted insurance in 2019, three in particular are likely to gain even more traction in 2020.Management & Sales
First, the impact of technology was widespread, leading to improved efficiencies and automated risk making decisions.
Second, we observed a great level of discipline from carriers in prioritizing profitability and return on capital as they shed lines of business that no longer benefited the bottom line.
Third, we saw the tremendous implications of social inflation on claim costs.
What did these trends mean in 2019, and how will they play out in 2020?