Market Analysis
published on Sep 17, 2020
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.