This report identifies key demand-side trends in the property and casualty (P&C) insurance industry that can help enterprises fine-tune their digital strategies. It also provides an overview of enterprise challenges in the P&C insurance industry based on Avasant’s assessment.
Why read this Market Insights?
The P&C insurance industry is contending with increased claim payouts and cost pressures due to frequent catastrophes, geopolitical disputes, and rising inflation and interest rates, leading to premium hikes due to underwriting losses. Insurers are leveraging digital technologies to mitigate these challenges. They are also increasingly focusing on cyber insurance due to increasing security breaches and considering sustainability as a cornerstone driven by customer expectations and regulatory mandates. Moreover, enhancing customer experience remains crucial for maintaining competitiveness, with generative AI (Gen AI) significantly transforming user interactions and operational efficiency.
The Property and Casualty Insurance Digital Services 2024 Market Insights™ aids enterprises in the P&C insurance sector in identifying important market trends and challenges for any digital project they participate in.
Methodology
The industry insights presented in this report are based on the following: our ongoing interactions with enterprise CXOs and other key executives; targeted discussions with service providers, subject matter experts, and Avasant Fellows; analyst insights from primary and secondary research; and lessons learned from consulting engagements.
Table of contents
About the report (Page 3)
Executive summary (Pages 4–7)
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- Defining P&C insurance digital services scope
- Key drivers and enterprise response
- Avasant recognizes 24 top-tier service providers supporting the P&C insurance industry in digital transformation
Demand-side trends (Pages 8–14)
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- P&C insurance industry is leveraging IoT, cloud, Gen AI, and analytics to improve profitability and manage costs
- Insurance providers are utilizing Gen AI, automation, analytics, and geospatial technologies to fine-tune underwriting decisions
- Insurers are deploying Gen AI to launch underwriting platforms, enhance customer experience, and assist employees in coding and summarizing reports
- Insurers are utilizing analytics, 3D imaging, and open-source technologies for sustainability and risk management
- P&C firms are launching cyber risk mapping and penetration testing solutions and collaborating with Gen AI cyber startups and risk management firms
- P&C insurers continue to implement cloud, AI, automation, and analytics-based solutions to elevate customer experience
Key contacts (Page 15)
Read the Research Byte based on this report. Please refer to Avasant’s Property and Casualty Insurance Digital Services 2024 RadarView™ for detailed insights on the service providers and supply-side trends