Property Casualty Insurance Research Outlook 2024

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As we move further into 2024 the two big stories for P&C are the rising property insurance costs and Generative AI. (You knew we couldn’t go even one sentence without mentioning Gen AI). Severe weather losses, reinsurance costs and persistent inflation drove the worst underwriting loss in a decade in 2023 and insurers are carefully considering their underwriting practices, capital management, and reinsurance strategies to navigate this transition successfully.

The technology implications of improving results heavily rely on an increased use of data and many insurers are investing in analytics and planning significant enhancements to analytics/AI. While Gen AI isn’t the only story when it comes to data, Gen AI has the potential to transform the industry. Insurers can leverage Gen AI to improve operational efficiency, enhance underwriting practices, and deliver personalized customer experiences. However, many insurers are still in the early stages of exploring and implementing Gen AI initiatives. There is a need for top-down leadership and a culture that embraces innovation to fully realize the potential of Gen AI in the P&C insurance industry.

Cost management and performance transformation are also important considerations for P&C insurers. Many insurers are implementing cost programs and efficiency measures to improve their bottom line. Task automation requires a modern core system with sophisticated workflow capabilities and core systems continue to be an active area of investment in 2024, with notable activity in policy administration systems. As recently as five years ago, insurers were still a bit wary of moving core systems to the cloud as they had concerns over security and privacy issues. But over the last few years, we’ve seen a reversal of that trend, with the majority of insurers of all sizes now looking to the cloud as their preferred way of deploying core systems as well as ancillary systems.

Top priorities such as customer/agent experience, acquisition, retention, and loyalty will continue to be a high priority as insurers look for ways to use technology to differentiate and focus on the continuous evolution of the digital experience. The technology used will vary, but will be focused on data, analytics, digital, artificial intelligence, and more to continue to transform the customer/agent experience and meet ever increasing customer/agent expectations.

Innovation and continuous technology transformation are other areas insurers must stay acutely focused on to keep pace and differentiate themselves from the competition and to protect margins.

The areas of research that we’re working on for this quarter are critical areas that we suggest insurers consider to optimize the value of their technology investments.

Contact us for more information about what we have planned in Q2.

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