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Impact of Digital on Commercial Property & Casualty Sector: 2019

Market Analysis

by David McIntire

published on Jun 12, 2019

Access to this report is restricted to logged in clients with access. Login to get full access

Report Overview:

NelsonHall’s “Impact of Digital on Commercial Property & Casualty Sector: 2019” 54-page report is based on global interviewing of senior executives across the commercial property & casualty sector in four geographies: U.S., U.K., Continental Europe, and Asia Pacific.

The report identifies the principal business issues faced by commercial property and casualty firms over the period 2019-2020, the IT and digital initiatives planned in response to these issues, and their anticipated changes in IT spend and sourcing.

In particular, the report analyzes the importance of digital to commercial property & casualty firms and focuses on the nature of the digital initiatives planned by commercial property & casualty firms by application and technology, together with the key benefits required from digital by commercial property & casualty firms and their supplier selection criteria when purchasing digital services.

Who is this Report for:

NelsonHall’s “Impact of Digital on IT Services in Commercial Property & Casualty Sector: 2019” report is a comprehensive market assessment report designed for:

  • Sourcing managers investigating sourcing developments within the commercial property & casualty sector
  • Vendor marketing, sales and business managers developing strategies to target IT services (ITS) opportunities within the commercial property & casualty sector
  • Financial analysts and investors specializing in the IT services and BPS sector

Scope of this Report:

The report is based on interviews with executives in the commercial property & casualty sector in the U.S., U.K., Continental Europe, and Asia Pacific.

The report analyzes the worldwide market for IT services within the commercial property & casualty sector and addresses the following questions:

  • What are the principal business priorities faced by organizations in the Commercial property & casualty sector?
  • What IT initiatives are planned by organizations in the Commercial property & casualty sector?
  • How relevant are digital initiatives to organizations in the Commercial property & casualty sector?
  • What digital initiatives are planned by organizations in the Commercial property & casualty sector?
  • What business areas are targeted for digital initiatives by organizations in the Commercial property & casualty sector?
  • What digital technologies are planned to be introduced by organizations in the Commercial property & casualty sector?
  • What are the key selection criteria used by organizations in the Commercial property & casualty sector to select suppliers to implement digital initiatives?
  • What shifts in sourcing approach are expected by executives in the Commercial property & casualty sector over the next three years?
  • How do companies in the Commercial property & casualty sector expect their spend on ITS services to change over the next three years?

Key Findings & Highlights:

Commercial property and casualty insurance companies are looking to grow their customer base by attracting new clients and retaining and broadening relationships with existing clients through a focus on an expanded offering portfolio and accelerated delivery of services. However, this growth is tempered by concerns about managing fraud and other risks and inefficient legacy IT landscapes.

Three major business priorities to drive incremental revenues identified unprompted by commercial property and casualty companies were:

  • Improve customer service to drive reduced customer churn including through improved claims processing
  • Reduce the cost of administration through the adoption of automation
  • Identify and access new markets for growth, including through acceleration of new product development.

Accordingly, commercial property and casualty insurers are:

  • Increasingly focusing digital IT initiatives on accelerating service delivery to improve customer experience, particularly around new business and claims handling
  • Adopting DevOps and digitalizing applications landscapes to accelerate time to market and reduce IT service costs
  • Prioritizing the engagement of vendors with industry knowledge, cloud-native development capabilities & digital knowledge to implement cloud and SaaS solutions.

Table of contents:

Table of contents:

  • Introduction
  • Executive Summary
  • Market Forecast
  • Key Business and IT Issues & Initiatives
  • Digital Initiatives
  • Changes in Spend

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