Carriers must start preparing themselves for the historic PIP No-Fault reform that is about to go into effect in Michigan on July 1, 2020. The original No-Fault Insurance Law, required all licensed Michigan drivers to buy no-fault insurance that includes personal injury protection (PIP) along with other coverages. The biggest change is that drivers will not have to purchase unlimited lifetime PIP, and will be able to opt for the coverage limit they want. Insurers are mandated to pass on the savings from the reduced coverages by rolling back on premiums and trickle down the benefits to the policyholders.
Apart from the obvious premium rollbacks, there will be significant impact on insurers across their value chain and this whitepaper explains how insurers can cope with all of those without compromising on client experience.