Technology Priorities of Property Casualty Insurers
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.
Customers expect transparency, speed, and collaboration – placing pressures on insurers to deliver. Leading insurers will make the next transition from optimizing their internal processes to shifting to a customer centric view.
A proliferation of new data along with new tools for accessing and using that data makes AI and machine learning among the top interests for insurers.They see great potential for new data to impact claims, underwriting, marketing and customer service.
A growing proportion of insurers are trying to build a dedicated eco-system. To do so they are leveraging APIs and emerging technology vendor partners. The eco-system question is a challenge for many CIOs because it requires a clear strategy in terms of APIs and also a granular view of the insurtech players and emerging technologies that can add value to their value chain. In this context, they are increasingly considering cloud models not only for point solutions but also for their core insurance systems.
With these significant pressures, insurer tech teams need to be investing in multiple initiatives.These decisions have to be taken in an economic context that remains particularly tough.Low interest rates continue to put pressure on the need to generate an underwriting profit and rising combined ratios, both loss and expense, are generating a greater scrutiny and focus on expense reduction.
These issues can be solved by specific technology initiatives and in 2020, we are going to focus our research efforts to help property casualty insurers better understand the technologies at play to address these problems, to support their technology player vendor selection and to anticipate major trends across technologies and regions.
VendorMatch - Celent’s new vendor discovery tool, is playing an increasingly important role in our vendor analysis. See more at https://www.celent.com/vendormatch.
2020 RESEARCH THEMES
While our space changes quickly enough that we’ll respond to fast moving new developments, analysts will be 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 will 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 will 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’ll 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 will detail how APIs, microservices, and DevOps impact an insurers legacy modernization programs. And we’ll take closer look at whether, when, and how to transition to the cloud.
Model Insurers’ Initiatives
We’ve just closed nominations and had over 100 nominations of exceptionally high quality. We’ll be assessing them shortly and developing case studies of the winners, culminating in the mid-April publication of roughly a dozen reports from around the globe.
Industry Trends and Case Studies
- Model Insurer case studies from around the world
- API strategies
- RPA evolution
- Artificial intelligence technologies
- Portals and channel enablement
- Customer experience
Survey Based Research
- Insurer priorities and budgets for 2020
Cloud adoption and lessons
- Digital transformation and innovation
ABCD reports (Our flagship vendor reports)
- Policy Administration System Vendors
- Claims Administration System Vendors
- Customer Communication Management System Vendors
- IT Services Vendors
Contact us for more information about what we have planned in Q1.
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