- Overall underwriting loss is the highest it’s been since 2011, at a staggering $26.9B. That’s more than a sixfold increase over losses in 2021.
- At the same time, net income decreased by more than a third. Other key indicators including surplus, combined ratio, incurred costs and loss adjustment expenses are also worrying in light of increasing natural disaster exposure and inflation.
As lousy as these results are, there’s still good news for insurers. Digital transformation is a way of investing in efficiency, cost reductions, and staff satisfaction as well as staying up to date with technological advances.
A tight financial situation forces companies to focus their spending on the most important projects. It’s easy to forget that digital transformation can be tackled in smaller, more manageable chunks rather than as a single juggernaut initiative.
Upcoming topics include:
- SEO for non-experts
- Leveraging industry influencers
- Collaborative customer acquisition
We’ll also discuss easy technological improvements to increase automation, including straight-through processing, and speeding product launch and maintenance with repeatable processes.
The bottom line is that possibilities abound to leverage technology without hurting your bottom line.
At OwlSurance, a cloud business unit of ValueMomentum, Inc., we offer a unified data platform because we believe in the power of unified data to transform how people do business. Let us help accelerate your data journey with the right technology and the expertise you need to put it to work for you. For more information, visit us at www.owlsurance.com.