For over a decade, we have kept a pulse on transformation within commercial lines insurance. Last year’s economic fluctuation, talent crisis, climate change, and technological advancement cast a long shadow over 2024, demanding agile and informed decisions from commercial lines carriers.
Every year, ReSource Pro compiles expert insights and survey data from industry executives to analyze important areas of focus. From this year’s research into commercial lines, we uncovered a focus on business optimization. This strategic initiative is driving carrier priorities, strategies, and technology investments in 2024.
However, many executives are working to balance their focus on business optimization with other top strategies. For example, growing current lines and cost containment are also heavily influencing commercial carriers’ technology plans. This multi-pronged approach may be the key to success in this dynamic market. These business drivers and others are directing carriers’ progress and investment in critical initiatives that span the enterprise, driving innovation and transformation.
The infographic below displays the traditional and transformational initiatives carriers are pursuing in 2024, all surrounding the central pillar of innovation.
On the right, key traditional initiatives are those that are foundational to success. Commercial lines executives overwhelmingly view new products and services as a critical strategy in 2024, with more than two-thirds of both small and mid/large commercial carriers citing plans underway.
On the left, transformational initiatives are bolder projects employed by industry pioneers. Here, the trend of artificial intelligence investment is undeniable. Over half of both small and mid/large commercial segments report developing strategies.
For a comprehensive analysis of each initiative’s progress and maturity, insight into future plans, and a clear action plan to develop a strong strategy in 2024, read our recently released report, “2024 Strategic Initiatives: Plans and Progress in P&C Commercial Lines.” Contact our research team to get access.