Property Claims: It’s Time For Innovation

The personal and commercial property claims process has traditionally lagged well behind other segments of P&C insurance in the adoption of technology and innovation.

That officially ended in 2020, aided by a global pandemic that changed virtually everything about life and business as we knew it.

Understanding the factors behind the historical lack of innovation in property claims provides insights into why and how this segment is suddenly undergoing such rapid transformation.

When compared with the recent impressive rate of change in auto claims, property claims appeared to be a more of a laggard than it really was – but a laggard nonetheless.

To put this in perspective, U.S. auto insurance policies, premiums and claims in 2019 were approximately four times larger than property. Further, auto claims are generally more visible and more consequential to the public than property claims.