P&C Insurance Technology Trends in India
The P&C market in India is expected to see tremendous growth in the near future, reaching US$1.4 billion in 2014, up from its current US$770 million market size.
Insurance carriers are increasingly evaluating technology investments to meet growth and efficiency objectives. In a new report, P&C Insurance Technology Trends in India, Celent discusses the technology landscape in the general insurance market in India, based on the results of a Celent survey of 68% of market participants. The report provides a detailed analysis of various growth opportunities for technology investments by P&C carriers and their technology strategies in coming years. It also details software and hardware spending trends in the domestic general insurance market.
“There are interesting technology investment trends in India’s P&C sector. The current mindset of most insurers is to utilize technology as a tool to realize efficiencies and streamline operations while maintaining a focus on growth and reduction in costs,” says Ravi Nawal, Senior Analyst with Celent’s Indian Financial Services Group and author of the report.
“The dynamics of the insurance sector in India are resulting in increasing experimentation with investment strategies across the technology value chain, resulting in evolving dynamics for vendors to this sector,” he adds.
This report provides a comprehensive overview and insights into the key emerging trends in the technology investments space for P&C insurers in India. It evaluates key technology drivers, trends, and spending priorities.