Property Casualty Insurance Research Outlook 2020
PROPERTY CASUALTY INSURANCE DURING AN EXOGENOUS SHOCK
With COVID-19 spreading globally, insurers are rapidly shifting focus to three priorities: protecting their employees, maintaining customer relationships; and keeping a hold on expenses while waiting to see what the true impact will be.
With that in mind, our research agenda this quarter focuses on issues that impact an insurers’ ability to manage expenses while driving efficiencies. This is also the time of year when model insurer results are announced. Our agenda this quarter will be fluid as we adapt to the fast-moving changes brought about by the coronavirus.
Celent is committed to helping our clients assess the technology implications across the financial system, from changes in customer behavior to new strategies and technologies required to respond to this upended world. We’re in touch with financial institutions and their technology partners around the world and are developing a host of new perspectives, updated regularly, to help you make the right strategic technology choices in the medium- and longer term. Our clients have access to our insights through traditional ways – reports, blogs, Analyst Access – and new media, like interactive virtual roundtables and snap polls.
Because Celent is part of a larger organization, Oliver Wyman and Marsh & McClennan Companies (MMC), you have access to our collective thought leadership in areas ranging from epidemiology (Oliver Wyman), to economic modelling (Oliver Wyman), to risk/ crisis management (Marsh), and human resource implications (Mercer).
For further information, please see:
Oliver Wyman https://www.oliverwyman.com/our-expertise/hubs/coronavirus.html
One thing is certain: none of us can go it alone. As you face hard decisions in the areas of technology and partnerships, Celent is here to support you. We can help you vet partners and technologies as you respond to government initiatives, the changing needs of your customers, and growing cost pressures.Property Casualty insurers face a landscape shaped by three powerful external forces: increasingly demanding customers; an explosion of new data and technologies; and a growing need to simplify integration across a broad spectrum of digital capabilities in order to orchestrate processes and data.
2020 RESEARCH THEMES
In this period of the COVID-19 crisis, we will extend our research coverage to better understand how insurers react and adapt their technology investments. While our space changes quickly enough that we’ll respond to fast moving new developments, our analysts are focused on digital transformation, innovation and emerging technologies; data and artificial intelligence; the new architecture with a focus on integration strategies and the cloud; and our flagship vendor reviews as well as our Model Insurer initiatives (to be published in April).
Digital — How Insurers Can Use Technology to Transform the Business
Carriers are using technology to digitize a customer centric experience, improve decisions and react to real time events. We break digital down to better understand its impact on core insurance process and decisions including customer interactions, product design, underwriting and claims.
Innovation and Emerging Technology — How Insurers Innovate, Navigate the “Insurtech” Ecosystem, and Consider Emerging Tech
Insurers are using multiple approaches and techniques to drive innovation. We continue to follow the rise of insurtech and will also spotlight key emerging technologies and their application to the insurance industry.
Data and Artificial Intelligence
We’ve seen an explosion in new data sources and new ways of accessing rich sets of data. From strategy to tactics, we explore AI’s adoption, use cases and vendors with a focus on practical application.
Ecosystem and Legacy Transformation — How Far Should an Insurer Go to Rationalize its System Landscape?
A growing focus of legacy transformation is integration strategies and the cloud. We detail how APIs, microservices, and DevOps impact an insurers legacy modernization programs. And we take a closer look at whether, when, and how to transition to the cloud.
Model Insurers’ Initiatives
We had over 100 nominations of exceptionally high quality. We’ll be publishing the case studies of the winners in mid-April.
Contact us for more information about what we have planned in Q2.
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