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Impact of Digital on IT Services in the P&C Insurance Sector: 2020

Market Analysis

by David McIntire

published on Sep 17, 2020

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 IT Services in the P&C Insurance Sector: 2020” 55-page report is based on global interviewing of senior executives across the P&C Insurance sector in four geographies: U.S., U.K., Continental Europe, and Asia Pacific.

The report identifies the principal business issues faced by P&C Insurance companies over the period 2020-2022, 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 P&C Insurance firms and focuses on the nature of the digital initiatives planned by P&C Insurance companies by application and technology, together with the key benefits required from digital by P&C Insurance companies and their supplier selection criteria when purchasing digital services.

Who is this Report for:

NelsonHall’s “Impact of Digital on IT Services in P&C Insurance Sector: 2020” report is a comprehensive market assessment report designed for:

  • Sourcing managers investigating sourcing developments within the P&C Insurance sector
  • Vendor marketing, sales and business managers developing strategies to target IT services (ITS) opportunities within the P&C Insurance 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 P&C Insurance sector in the U.S., U.K., Continental Europe, and Asia Pacific.

The report analyzes the worldwide market for IT services within the P&C Insurance sector and addresses the following questions:

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

Key Findings & Highlights:

Property and casualty insurance firms are placing a primary focus on retaining existing customers while attracting new ones, particularly through the expanded use of digital channels to accelerate service delivery. This is, in part, enabled by a modernization of the IT landscape and the adoption of digital capabilities. Two major business priorities to do this, identified unprompted by P&C insurance companies were:

  • Accelerate customer service delivery by shifting a greater proportion of customer interactions to digital channels
  • Improve policy administration and management through the expanded use of automation.

Accordingly, P&C insurance companies are:

  • Implementing digital channels targeting customer services such as policy origination, underwriting and premium collections
  • Expanding the use of analytics, cognitive and machine learning to better understand customer needs and target marketing campaigns
  • Retiring legacy application and migrating a larger proportion of the IT landscape to cloud environments and SaaS-based applications.

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