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Top 5 Trends Impacting P&C Insurance in 2022 - YouTube
Channel: CCC Intelligent Solutions
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Welcome to our first CCC Trends
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report of 2022. I'm
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Susanna Gotsch.
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Each month we highlight key developments
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impacting the property and casualty insurance
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and collision repair industries. Our
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goal: to deliver news to help you
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make better business decisions and create
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better customer experiences. So
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let's get started.
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It's hard to believe that we're
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nearly two full years into the pandemic
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where we saw adoption of things like cloud,
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artificial intelligence and mobile accelerate
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rapidly.
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We also saw consumers and companies
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adapt to significant changes in
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how we both live and how we work.
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Finally, we saw disruption in supply chains
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and significant shortages in both materials
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and labor that have emerged as
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our economies recover. At
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first glance the year ahead appears to
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be another one of COVID uncertainty
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but there are other major trends that will
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impact us. So let's take a look.
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We've boiled it down to five trends
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and here they are. Number one,
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the changing work landscape and its impact
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on auto sales, traffic volumes
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and accident severity.
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Number two more cars equipped
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with advanced driver assistance systems and connected
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vehicle technologies.
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Number three, the emergence
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of climate change as a significant factor
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in insurance risk and regulation.
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Number four our on demand
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world has led to new customer expectations.
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And number five, a carry
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over from 2021. Increased
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complexity continuing to disrupt
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our status quo.
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So let's dig in on each of these.
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The first trend is how changes
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to how we live and work will continue to impact
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auto sales, travel and accident
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severity.
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According to a survey by workplace.com,
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37% of US employees will work remotely at
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least one day per week this year.
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That means that the changes we've seen to
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how when and where people
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are driving may be permanent. Miles
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driven fell sharply in 2020 but recovered
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steadily in 2021.
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Recent government data however, shows
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that miles driven are still down about 5%
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from 2019.
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Forecasting traffic patterns in 2022
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is also challenging, particularly given
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the new Omicron variant and
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the soaring rate of inflation impacting
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all industries.
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Suffice it to say we know it won't look like
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2019 anytime soon.
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So let's talk about the second big trend. The
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increase in the overall number of vehicles
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equipped with advanced driver assistance systems
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or ADAS and connected car
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technologies.
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Recent reports from OEMs suggest
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that nearly 80% of vehicles purchased
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in the US over the last 12 months
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ending August 31st, 2021
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were minimally equipped with automatic
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emergency braking.
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Many of these vehicles are also now
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equipped with semi-autonomous features
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like adaptive cruise control and lane keeping
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assist which have the potential to
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drive distraction and to change
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real world driving.
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Who should have access to that connected car data
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is also a central part of the Right to
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Repair legislation now making
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its way through the courts.
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Our third big trend, climate change.
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The property and casualty insurance industry has
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been at the forefront of feeling the effects
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of climate change as the number and
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severity of severe storms has grown.
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Over the last several years the U. S.
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has been pounded by flooding,
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hail, wildfires, hurricanes,
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tornadoes and drought and that
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increased frequency combined with evolving
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regulatory requirements could
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threaten company business models.
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Our fourth big trend changing
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customer expectations, where digital
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mobile and personalized experiences
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have become table stakes.
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Customers now expect a digital experience
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but balanced with human contact at just
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the right times.
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Our fifth and final trend
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complexity. Whether it's from increased
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vehicle technologies such as ADAS,
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more data from more things
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or more disruptive entrance, turning traditional
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business models upside down.
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So how will we adapt to these trends?
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Our industry will continue to
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turn to technology and connected systems
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to simplify and streamline processes
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to create better customer experiences.
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For more details, including a look at
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the trends that made headlines in 2021,
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head to our website at
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cccis.com
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Thank you for joining us for this issue of
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CCC Trends.
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