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How a lack of communication with other sectors is hurting insurance

When change hits other industries, property and casualty insurance leaders need to be included in the process to consider the impact such changes would have on insurance and to prepare for new trends to emerge. The lack of communication between sectors has remained a challenge for insurance companies, as it reduces the ability for insurers to plan and prepare for upcoming trends and the ripple effects they may have.

A prime example of this issue is how the lack of communication between car manufacturers and insurance companies has been hurting automobile insurance providers. The constant development of new electronic features in cars has increased the costs associated with fixing vehicle damages for insurance companies. For this reason, insurers would have benefited from the opportunity to plan and prepare for the impact that new vehicle technology would have on them.

In an effort to fix this issue, senior insurance brokers are talking to senior executives in other industries to gain insight on future trends that may emerge and have an impact on the insurance industry.

Source: https://www.canadianunderwriter.ca/brokers/how-a-lack-of-communication-with-other-sectors-is-hurting-insurance-1004171424/