Labour shortages, supply chain challenges, climate change, and COVID-19 uncertainty is reshaping insurance economy trends, according to the CCC Intelligent Solutions Crash Course 2022 report.
The 27th edition of the report explored the future of digital journeys in the wake of disruption: supply versus demand, labour shortages, inflation, increasing vehicle technology and more complex repairs. According to CCC, the report draws on insights formed using information such as 260 million claims-related transactions, 50 billion miles of driving data, and millions of casualty claims.
“After tracking key trends for so many years, we can confidently say the P&C insurance and automotive industry landscape has been forever changed,” said Susanna Gotsch, Senior Director And Industry Analyst at CCC. “The disruption experienced over the last two years has accelerated the pace of innovation driven by everything from supply chain and labour to climate change. There is more urgency than ever for the industry to adapt and evolve with an increased focus on the advancement of digital technologies, user experiences, and connected networks foundational to change and growth.
“Today’s customer expects a business to provide an always-on user experience. This coupled with managing growing complexities presents both challenges and opportunities for the P&C economy.”
Key topics covered in the Crash Course 2022 report include:
- Supply versus demand imbalances and the impact on US inflation
- Labour shortages and the role it is playing in driving up wages and altering experiences across nearly all industries
- The operational future of vehicle manufacturers, insurers, repairers and other providers
- The role of vehicle technology (ADAS, EVs) and complexity in increasing repair costs
- Technologies such as AI, mobile, cloud and the Internet of Things, along with their role in user experiences
- Changes in driving behaviours and the impact to frequency and severity of vehicle accidents and casualty claims.
In addition to macro trends and topics, Crash Course 2022 includes industry-level detail on claims frequency and severity, parts costs and utilisation, and total loss trends.