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Property & Casualty Operations Transformation 2024

Market Analysis

by Bilal Chaudhry

published on Feb 08, 2024

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Report Overview:

NelsonHall’s Property and Casualty Operations Transformation market analysis consists of 78 pages. 

Who is this Report for:

NelsonHall’s P&C Operations Transformation report is a comprehensive market assessment report designed for:

  • Sourcing managers investigating sourcing developments within the P&C Operations Transformation market 
  • Vendor marketing, sales, and business managers developing strategies to target P&C Operations Transformation opportunities
  • Financial analysts and investors specializing in the P&C Operations Transformation services sector.

Scope of this Report:

The report analyzes the worldwide market for P&C Operations Transformation and addresses the following questions:

  • What is the market size and projected growth for the P&C Operations Transformation by geography?
  • What is the profile of activity in the P&C Operations Transformation services market?
  • What are the top drivers for adoption of P&C Operations Transformation services?
  • What are the benefits currently achieved by P&C Operations Transformation users?
  • What factors are inhibiting user adoption of P&C Operations Transformation services?
  • What pricing mechanisms are typically used within P&C Operations Transformation services and how is this changing?
  • Who are the leading P&C Operations Transformation vendors globally and by geography?
  • What combination of services is typically provided within P&C Operations Transformation contracts and what new services are being added?
  • What is the current pattern of delivery location used for P&C Operations Transformation services and how is this changing?
  • What services are delivered from onshore and which from offshore?
  • What are the challenges and success factors within P&C Operations Transformation services?

Key Findings & Highlights:

Recent trends underscore a notable reliance on P&C operations transformation BPS services, particularly in customer administration and claims management. There is also an anticipated surge in demand for BPS services in emerging areas such as underwriting, broker management, and subrogation. Tomorrow’s consumers are increasingly seeking hyper-personalization across the entire P&C value chain.

These evolving expectations prompt vendors to invest significantly in advanced technologies like generative AI, seamlessly integrating them into their BPS offerings. Concurrently, carriers desire to leverage internal and external data repositories and make informed decisions across different areas of the P&C process, including new product setup, underwriting, contact center, and adjudication.

Regarding operational delivery, offshore centers are expected to remain stable, with a slight increase in the demand for onshore and nearshore delivery centers. Both carriers and vendors will witness a growing acceptance of risk-sharing pricing models, accompanied by more robust SLAs. Carriers are set to emphasize the importance of the vendor’s innovation capacity and a design-thinking approach in the vendor selection process.

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