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The insurance industry stands at a critical juncture in 2024 as published in a recent article by Deloitte.

Here are the key elements that will reshape our industry this year:

1. Evolving Beyond Risk Management

The industry is transitioning from its traditional role of managing risk to actively preventing them. This proactive approach in mitigating losses before they occur is fundamental in serving society’s needs more effectively.

► VERVE is ahead of the curve using predictive analytics to mitigate the risks.

2. Tech Transformation is Imperative

To keep pace with these changes, insurers must embrace technological advancements. Adoption of AI and other digital tools is essential for not only operational efficiency, but also harvesting actionable insights from the wealth of data at our disposal.

► VERVE’s platforms are built to quickly embrace and incorporate new technologies.

3. Customer-Centricity and Cultural Shifts

The shift toward a customer-centric business model requires a significant change in corporate culture. Insurers need to break down silos, foster collaboration, and make customer data more accessible to provide enhanced service.

► VERVE’s culture of faith, collaboration and discipline is the pillar to providing a winning customer experience.

4. Sustainability as a Driving Force

Insurers are increasingly emerging as sustainability ambassadors. Our job now includes influencing purpose-driven strategies, which is pivotal to creating a better world.

► VERVE has embraced a virtual workforce to contribute to a more sustainable, inclusive, and resilient economy while improving the well-being of our team members.

Our scalable technology and distribution platform allows us to:

• Source and mine internal and external data sets from the auto insurance industry.
• Apply predictive analytics to that data.
• Use those analytics to find profitable niches within the $316 billion private passenger auto insurance market.
• Produce underwriting profits that outperform the industry.
• Provide outsized returns to our insurance and reinsurance partners.

As we navigate 2024, these elements will dictate our industry’s ability to adapt as well as its capacity to thrive in an ever-evolving global landscape.

Read the full article from Deloitte here:

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