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Property and Casualty Operations Transformation Services

Market Analysis

by Ashley Singleton

published on Mar 24, 2022

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Report Overview:

NelsonHall's market analysis of Property and Casualty Operations Transformation Services consists of 53 pages.

Who is this Report for:

NelsonHall’s “Property and Casualty Operation Transformation” report is a comprehensive market assessment report designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of property & casualty operations transformation services and identifying vendor suitability for property & casualty operations transformation RFPs
  • Operational decision makers exploring the benefits and art-of-the-possible within P&C operations transformation
  • Vendor marketing, sales, and business managers developing strategies for P&C operations transformation or looking to benchmark themselves against their peers
  • Financial analysts and investors specializing in operations transformation and BPS.

Scope of this Report:

This report analyzes the market for property and casualty operations transformation. It addresses the following questions:

  • What is the current and future market for property and casualty operations transformation?
  • What are the customer requirements from property and casualty operations transformation?
  • What are the benefits/results that vendors have achieved for their clients?
  • What property and casualty operations transformation services are organizations buying from IT services vendors?
  • What is the size and growth of the property and casualty operations transformation and BPS market?
  • Who are the leading vendors within property and casualty operations transformation services?
  • What are the vendor selection criteria, challenges, and critical success factors for vendors targeting property and casualty operations transformation services?

Key Findings & Highlights:

NelsonHall’s market analysis of Property and Casualty Operations Transformation consists of 53 pages.

Key findings include:

  • P&C carriers report high levels of self-sufficiency in defining new operations process models but need help in delivering new operations and implementing the transformation
  • Service usage is still concentrated in claims administration, but this is changing

Examples of operations transformation include:

  • Cognizant implemented proprietary solutions and provided contact center services to assist a carrier in reducing operational costs
  • Concirrus implemented digital solutions integrated with existing systems to assist a carrier in reducing the broker submission turnaround time to five minutes
  • DXC helped increase the speed-to-market of a global carrier’s specialty lines and increased member acquisition volumes within six months
  • EXL assisted a general lines carrier in digitalizing the review process, achieving ~25% higher leakage identification rate
  • Mphasis assisted a U.K.-based carrier in reducing its costs and reduced its quote generation time from 24-hr to 6-hr
  • TCS assisted a European carrier in developing a telematics-based platform to improve customer engagement and increase proactive claim management
  • WNS implemented NLP-based solutions and automation to improve review accuracy to 99% for a Lloyd’s of London carrier.

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