Property & Casualty Newsletter
Introducing Celent’s Property & Casualty Newsletter
I spent New Year’s Day as I have on most of the last ten years — hiking to the top of our local hills, looking out over the San Francisco Bay to Mount Diablo, and thinking about all the things I want to accomplish in 2019. While I don’t make resolutions, I do make concrete goals for the coming year. New Year’s always feels like a great opportunity to start fresh. In preparation for the new year, I clean closets, prune the garden, and organize the garage. So what does this have to do with insurance?
For insurers, New Year’s is also often seen as a time for a fresh start. There’s a new budget, new goals for the year, and usually an excitement about the new projects that have been approved. Insurers focus on the new capabilities needed, the new skills to build, and the old applications to sunset. All the financial goals and budget goals seem attainable. 2019 promises to be a huge year of transformation. We see the industry continuing the acceleration on a path toward a customer-centric digital transformation. We see fundamental changes in how the insurance products are designed and delivered, rapidly expanding and shifting distribution strategies, a new focus on customer service , and a single-minded focus on efficiency and excellence.
This inexorable journey requires insurers to transform their legacy applications, move toward a data-driven world, find new ways of speeding integration, and stay on top of emerging technologies such as AI, virtual reality, or the Internet of Things. The ways organizations think about the role of technology, manage technology, and deliver technology to transform the business are radically changing.
Topics like these are shaping our 2019 research outlook. If you would like to know more or tell us your thoughts on topics, please speak with your Account Manager.
Finally, we have scheduled our 2019’s Innovation and Insight Day for April 12. We’ll be returning to New York City, a great location near Times Square and Rockefeller Center, to share insights, network, and celebrate which of the almost 100 Model Insurer entries from over 25 countries make it to the shortlist of award winners. The quality and degree of innovation in the submissions this year are impressive. Although I can’t say too much at this stage, they include chatbots, computer vision, artificial intelligence, blockchain, voice UI, and IoT. This will be a great opportunity to see and hear about the practical application of some of these emerging technologies.
Please see a sampling of recent insights below. We look forward to connecting with you throughout 2019!
Head of Property Casualty