Market Analysis
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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P&C Operations Transformation 2022
published 2022-03-24 | Project by John Willmott
This NelsonHall Vendor Evaluation & Assessment Tool (NEAT) analyzes the performance of vendors offering property & casualty (P&C) insurance operations transformation services. The NEAT tool allows strategic sourcing managers to assess the capability of vendors across a range of criteria and business situations and identify the best performing vendors with specific capability in new business setup/underwriting, customer/distribution service administration, and claims administration. Vendors evaluated for this NEAT are: Cognizant, Concirrus, DXC Technology, EXL, Mphasis, TCS, and WNS. To find out more, contact Guy Saunders at [email protected].
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