Growing cost pressures and increasing loss ratios have driven Property and Casualty (P&C) insurance carriers to enhance their operations to remain competitive. Technology advances and digitally native insurers have increased customer expectations and challenged carriers' financial performances. In response, P&C carriers are strategically leveraging technologies such as automation, analytics, AI, and ML across their value chains. To achieve differentiated RoI, carriers are building in-house capabilities, partnering with InsurTech firms, or outsourcing.

In this viewpoint, we offer strategic guidance to P&C insurers on navigating technology adoption and addressing operational challenges. Additionally, the report outlines current technology adoption trends among P&C insurers and a comprehensive framework to effectively leverage technology across the insurance value chain.

Scope

• Industry: insurance
• Geography: global
• Service: insurance BPS

Contents

In this study, we:

• Examine technology use in P&C insurance operations
• Analyze the needs driving technology solutions’ adoption
• Evaluate measures that insurers implement to address operational challenges
• Assess P&C insurance carriers’ current technology maturity
• Recommend a use case prioritization roadmap for P&C insurance carriers

Membership(s)

Insurance Business Process

Sourcing and Vendor Management