In the post-pandemic era, insurance enterprises focused on modernizing their underwriting and claims functions, while making piecemeal investments in distribution channels. While insurers are now prioritizing realization of maximum value out of their existing investments, there is an increasing momentum of fresh investments in augmenting the distribution function. Given the uncertainty, insurance enterprises need to take a proactive approach to assess their risk portfolio and strategically explore newer risks to remain profitable. They also need to actively seek ways in which they can navigate through some of these overarching macro- and micro-challenges.

In this report, we explore the insurance distribution landscape and answer critical questions from an IT services and technology perspective by identifying the challenges faced by stakeholders, beneficiaries of the changing dynamics in the current market, future possibilities, and the services and technology provider landscape.

As the insurance industry undergoes transformation, insurers need to embrace upcoming risks and product constructs such as cyber insurance and parametric insurance. Given their niche expertise in terms of regional and Line of Business (LoB)-specific nuances, we see interest from both insurers and investors in exploring the MGA opportunity. A majority of the leading insurers have already formed MGA partnerships in a bid to expand their market reach, identify profitable risks, and offer consistent experiences to their customers. In this report, we also highlight the relevance of MGAs and the value creation potential offered by partnering with them. This can further support insurers in their bid to achieve increased cost savings, operational efficiency, and accuracy. It also holds potential to minimize errors associated with human-centric processes and accelerate premium growth by unlocking higher sales efficiencies and rapid product innovation.

Scope

• Industry: Insurance
• Geography: Global

Contents

In this report, we examine:

• The insurance distribution landscape
• Critical questions from an IT services and technology perspective by identifying the challenges faced by stakeholders
• Beneficiaries of the changing dynamics in the current market
• Future possibilities and the services and technology provider landscape

Membership(s)

Insurance Information Technology

Sourcing and Vendor Management