P&C claims in the post-pandemic era
This SMA Research Report explores how businesses can emerge stronger and accelerate transformation.
During and after COVID-19, claims patterns have changed like never before. At the onset of the pandemic and the introduction of lockdowns, insurers had to make major adjustments, just like every other industry. The work-from-home environment accelerated e-commerce, affected food purchasing and delivery and dramatically reduced travel and traffic. Many businesses were closed or operating in virtual modes. This changed both claim frequencies and severities in significant ways, with big variations by line of business.
Fast forward to today, and the situation related to the pandemic is continuing to evolve. Uncertainty remains regarding future claim patterns. Have they changed forever? Or will they, at some point, bounce back to the more predictable levels of the pre-pandemic era? And how long will the uncertainty remain?