Property and Casualty Insurance Digital Services 2022–2023 RadarView™

October, 2022

This report helps property and casualty insurers craft a robust strategy for digital transformation based on the industry’s outlook and best practices. It begins with a summary of key trends shaping the property and casualty insurance industry, followed by the direction of the industry over the next 18–24 months. We continue with a detailed assessment of 24 leading service providers. Each profile provides an overview of the service provider, its industry-specific solutions, and a list of representative clients and partnerships, along with brief client case studies. Each profile concludes with analyst insights on the provider’s practice maturity, investments and innovations, and partner ecosystem. The report can aid businesses in identifying the right partners and service providers to support their digital transformation journeys.

Why read this RadarView?

The property and casualty insurance industry is seeing an increasing demand for enhanced customer experience. Property and casualty insurers are identifying new growth avenues by either acquiring capabilities or partnerships with insurtechs to leverage their domain and technological expertise for improving customer experience.

This report assists property and casualty insurers in charting their action plans. It also identifies key service providers and system integrators that can help property and casualty insurers accelerate their digital adoption.

Featured providers

This RadarView includes an analysis of the following service providers in the property and casualty insurance digital services space: Accenture, Atos, Capgemini, CGI, Coforge, Cognizant, DXC, EXL, Genpact, GFT, HCL, Hexaware, IBM, Infosys, LTI, Mindtree, Mphasis, NTT DATA, Synechron, TCS, Tech Mahindra, Wipro, WNS, and Zensar.

Methodology

The industry insights and recommendations presented are based on our ongoing interactions with senior executives, vendors, subject matter experts, and Avasant Fellows, along with lessons learned from consulting engagements.

Our evaluation of service providers is based on primary input from the providers, focused briefings, public disclosures, and Avasant’s ongoing market interactions. The assessment is across the three dimensions of practice maturity, investments and innovation, and partner ecosystem, leading to our recognition of those service providers that have brought the most value to the market over the past 12 months.

Table of contents

About the report (Page 3)

Scope of the report (Pages 45)

Executive summary (Pages 68):

    • Executive summary
    • Avasant recognizes 24 top-tier providers supporting property and casualty insurers in digital transformation

Lay of the land (Pages 916)

    • Global events impact P&C insurance premiums
    • Claims costs rise due to raw material and labor costs inflation
    • Claims increase because of construction activities and frequent disasters
    • P&C insurance industry has been consolidating
    • Entrants new to the P&C insurance industry continue to pose a challenge
    • Impact of change in the regulatory environment and ESG guidelines

The road ahead (Pages 1721)

    • Chart a detailed investment plan for digital and business strategies
    • Leverage digital technologies to transform the customer experience
    • Partner with insurtechs to leverage their digital expertise
    • Partner with service providers to leverage digital solutions

RadarView overview (Pages 2227)

    • Methodology and coverage
    • Interpretation of classification
    • RadarView assessment

Service provider profiles (Pages 28–100)

    • Detailed profiles for Accenture, Atos, Capgemini, CGI, Coforge, Cognizant, DXC, EXL, Genpact, GFT, HCL, Hexaware, IBM, Infosys, LTI, Mindtree, Mphasis, NTT DATA, Synechron, TCS, Tech Mahindra, Wipro, WNS, and Zensar.

Read the Research Byte based on this report.


 

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DISCLAIMER:

Avasant’s research and other publications are based on information from the best available sources and Avasant’s independent assessment and analysis at the time of publication. Avasant takes no responsibility and assumes no liability for any error/omission or the accuracy of information contained in its research publications. Avasant does not endorse any provider, product or service described in its RadarView™ publications or any other research publications that it makes available to its users, and does not advise users to select only those providers recognized in these publications. Avasant disclaims all warranties, expressed or implied, including any warranties of merchantability or fitness for a particular purpose. None of the graphics, descriptions, research, excerpts, samples or any other content provided in the report(s) or any of its research publications may be reprinted, reproduced, redistributed or used for any external commercial purpose without prior permission from Avasant, LLC. All rights are reserved by Avasant, LLC.

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