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