Losses are increasing for property and casualty (P&C) insurers.
In 2022, the US P&C insurance industry saw its net loss ratio jump nearly 4 percentage points to the highest level in years, according to data from the National Association of Insurance Commissioners. And 2023 has seen major P&C insurers leave markets like California and Florida due primarily to natural catastrophe losses.
To help counter rising losses, insurance companies are turning to tech vendors to reduce operating expenses associated with claims. For instance, MAPFRE adopted Tractable’s solution for automated vehicle inspection, which leverages computer vision to automatically assess vehicle damage based on customer-submitted photos.
Beyond reducing claims adjustment expenses, P&C claims tech vendors also offer insurers the opportunity to improve claims processing times and, as a result, pay policyholders faster.
In the market map below, we identify 75+ tech vendors addressing P&C claims across 12 different categories.
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