5 Predictions For P&C In 2022

The insurance industry faced a wake-up call when the pandemic exposed just how unprepared insurers’ digital capabilities were in a crisis.

But, in the past two years, particularly in 2021, the industry has accelerated its digital development, making significant leaps forward in technology investments, workforce evolution and strategic planning.

Now, new SMA research shows that 100% of property & casualty insurers have digital initiatives underway. How will these initiatives and other trends unfold in the coming months?

If the past two years have taught us anything, it is that the industry is constantly shifting and adapting to the needs of the world around it. So, with that in mind, below are SMA’s top five predictions for 2022.

1. Core implementation will remain hot: Core systems - policy, billing and claims - have always been foundational in the insurance industry. But insurers now recognize that the core systems of the past will not cut it in today’s digital-driven environment. Insurers need modern platforms that can plug and play with different channels and absorb new data sources.