Property & Casualty (P&C) Insurance Digital Services PEAK Matrix™ 2019 – Reimagining Products And Stakeholder Experience

17 Dec 2018
by Jimit Arora, Ronak Doshi, Aaditya Jain, Pranati Goswami, Supratim Nandi

The Property & Casualty (P&C) insurance sector is undergoing a massive transformation, driven by investments in digital themes such as automation, cloud, data management & analytics, Artificial Intelligence (AI), and Internet of Things (IoT). The evolution of insurance business models, emergence of new risks, and changing consumer needs are re-shaping demand priorities in the market. P&C insurers are trying to shift their focus from insuring loss to ensuring protection, by formulating customer-centric propositions and investing in business model innovation.

To help insurers embark on their transformation journey, IT service providers are investing aggressively in developing full stack digital services offerings, augmenting their front-office support capabilities, and nurturing the InsurTech community for product innovation. Service providers that can showcase quick prototyping capabilities and present a comprehensive value-proposition with capabilities across multiple digital technology stacks are better positioned to capitalize on the opportunity and partner with P&C insurers on their innovation charters.

In this research, we analyzed the capabilities of 21 leading digital service providers specific to the global Property & Casualty (P&C) insurance sector. These providers were mapped on the Everest Group PEAK Matrix, which is a composite index of a range of distinct metrics related to each provider’s vision & capability and market impact. In this report, we focus on:

  • The landscape of service providers that provide digital services to P&C insurers
  • Assessment of the service providers on several capability-related dimensions related to digital services
  • Characteristics of Leaders, Major Contenders, and Aspirants on the Everest Group P&C insurance digital services PEAK Matrix
  • Implications for P&C insurance digital services buyers and service providers

SCOPE OF THE ANALYSIS

  • Market trends and activity in digital services in P&C insurance
  • P&C insurance digital services PEAK MatrixTM characteristics
  • Service provider characteristics

CONTENT

This report analyzes digital service providers specific to the global Property & Casualty (P&C) insurance sector:

  • P&C insurance digital services trends and its implications for key stakeholders
  • Everest Group PEAK Matrix for digital services in P&C insurance
  • P&C insurance digital services demand themes:
    • Digital for growth
    • Digital for efficiency
    • Digital for enablement
    • Digital for disruption
  • Profiles of service providers

Membership(s)

Insurance - IT Services (ITS)

 

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