Property Casualty Insurance Research Outlook 2023

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As we move further into 2023, inflation, increased geopolitical instability and multiple catastrophes combined with rising reinsurance prices are driving a hardening market. Insurers are hyperfocused on operational efficiencies to drive cost reduction while looking for ways to grow profitability – not just revenue.

Will all the uncertainty and instability impact budgets? We saw most insurers reporting that IT budgets actually have risen. Long term strategic projects continue to move forward, while there is a heightened sense of scrutiny to investing in projects with low confidence in a certain ROI.

Insurers will continue to rely more and more on data-driven decision-making for capital investments. To do this right requires an enterprise approach that focuses on metrics which will provide insurers the basis for objective investment decisions.

Top priorities such as customer 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 experience and meet ever increasing customer 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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