The property and casualty insurance market is not one traditionally associated with cutting-edge technology. However, the global financial crisis has had lasting effects on the industry, including compressed premium growth, historically low interest rates hampering investment returns, and increasing demands from customers for better service, new products, and more effective pricing.
Technology is aiding P&C insurance companies in addressing these demands, which is helping unlock new insights into core operations, most notably claims processing, billing, and policy underwriting and management.
Rodney Nelson does not own shares in any of the securities mentioned above. Find out about Morningstar's editorial policies.