At the 2022 NAMIC Annual Convention, AAIS interviewed CARFAX National Sales Director Dan Hill about major trends affecting mutual insurers, their impacts on 2023 strategies, and what CARFAX is doing for insurers.
Hill identified a major shift in customer expectations, explaining that “Coming out of the pandemic it has been a rush to get back to normal, so it’s interesting seeing how things have developed. Customers are getting back to their driving habits and are having some normalcy in their jobs.” However, Hill expressed that with this new expectation came a new trend where “people got spoiled at home and now expect the convenience of having it their way…that’s going to translate directly into how we do business in the future.”
Current trends like the need for convenience have impacted 2023 strategies including how insurers manage their business to “make transactions as easy and convenient to the customer – it’s the key to the future.” According to Hill, this involves big data, managing transparency and privacy issues, and working with regulators to make these necessities happen.
CARFAX is currently helping insurers meet these challenges by offering big data about the vehicle, “the asset carriers know the least about.” CARFAX evaluates more than 7,000 vehicle attributes and produces scores for carriers - simplifying the process for insurers and making the information more digestible.
To view the full interview, please click the video above.