CRIF contributed to a dynamic roundtable discussion hosted by Insurance Post, bringing together insurers in the motor insurance sector. The conversation centred on the critical lessons of the past two years and strategies to ensure continued profitability in a challenging market.
The CRIF team engaged with leading UK insurers to explore the following topics:
- Claims Inflation Insights: Reflected on strategies to better manage the impact of post-COVID claims inflation on the sector.
- Enhancing Communication: Discussed whether the industry effectively explains the value of motor insurance and the external factors—like fraud, repair costs, and labour—that influence pricing.
- Profitability Focus: Explored current and future approaches to maintaining profitability in the motor insurance market for 2024 and beyond.
- Granular Pricing Approaches: Examined how detailed data is being used to refine pricing strategies.
- Localised Risk Factors: Considered the role of daily commutes, traffic intensity, and nearby landmarks—such as bus stops and speed cameras—in shaping pricing models and identifying claims correlations.
- Adapting to New Mobility: Shared insights on assessing risk profiles for emerging mobility trends, including ride-sharing platforms and delivery services.
- Navigating External Factors: Discussed the challenges and opportunities posed by political and regulatory changes, such as a potential new Labour government or the introduction of Consumer Duty.
- Market Optimism: Closed with thoughts on the future profitability of the motor insurance market and what drives confidence—or concern—among industry leaders.
