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Top-10 Technology Trends in Property & Casualty Insurance: 2019

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Myriad external forces are affecting today’s P&C insurance market. Even slow but resilient premium growth cannot counter margin pressures prompted by heavy underwriting losses, mainly due to the rise in natural catastrophe losses and overall auto claims costs. Moreover, customer expectations continue to evolve thanks to rapid technological advancements that encourage demand for a digital, simplified, and personalized experience.
Voice assistants and connected devices are enabling P&C insurers to increase customer touchpoints and derive meaningful engagements. New business models and sophisticated cyber-risk assessment tools are allowing insurers to cover previously under-insured and uninsured risks. Artificial intelligence (AI), analytics, and distributed ledger technology (DLT) are empowering insurers to enhance fraud detection and loss prevention capabilities, improve operational efficiency, and streamline their internal processes. Strategic partnerships with InsurTech firms and the use of open APIs are fostering innovation and facilitating integration with ecosystem partners.
This report explores significant technology trends that will be of strategic importance for P&C insurance firms throughout 2019.

Publicada em: Tecnologia
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Top-10 Technology Trends in Property & Casualty Insurance: 2019

  1. 1. Top-10 Technology Trends in P&C Insurance: 2019 October, 2018
  2. 2. P&C Insurance Trends 2019| October 2018 © 2018 Capgemini. All rights reserved.P&C Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 2 Top-10 Technology Trends in P&C Insurance in 2019 Digitally Integrated Ecosystem
  3. 3. P&C Insurance Trends 2019| October 2018 © 2018 Capgemini. All rights reserved.P&C Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 3 Source: Capgemini Financial Services Analysis, 2018 P&C firms are offering value-added services to increase customer touch points & drive meaningful engagement Assistance during adverse weather Tips on driving behavior Home monitoring Roadside assistance Value-added services would enable insurers to be more involved in the life of customers, leading to increased dependency and retention
  4. 4. P&C Insurance Trends 2019| October 2018 © 2018 Capgemini. All rights reserved. 4© 2018 Capgemini. All rights reserved.P&C Insurance Trends 2019 | October 2018 4 Source: Capgemini Financial Services Analysis, 2018 Insurers are leveraging connected devices to simplify claims processing and improve customer engagement Home and auto maintenance tips increasing customer touchpoints Provide personalized covers based on granular risk assessment Improved customer engagement Gather accurate information about loss leading to better loss assessment Enables hassle free claims processing leading to faster payouts Simplified claims processing
  5. 5. P&C Insurance Trends 2019| October 2018 © 2018 Capgemini. All rights reserved.P&C Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 5 Source: Capgemini Financial Services Analysis, 2018 P&C insurers are enhancing customer experience by leveraging voice assistants Cost-efficient scaling of operations Continuous assistance that can be accessed anytime from anywhere Becoming a partner in customer’s insurance journey Personalizing sales conversations
  6. 6. P&C Insurance Trends 2019| October 2018 © 2018 Capgemini. All rights reserved. 66© 2018 Capgemini. All rights reserved.P&C Insurance Trends 2019 | October 2018 6 New offerings have come that allow insuring previously uninsured risks & providing dynamic coverage Source: Capgemini Financial Services Analysis, 2018 Parametric insurance On-demand insurance Allows for flexible coverage duration Enables cost- optimized coverage Allows insuring previously uninsurable risks Enables speedy claim settlements
  7. 7. P&C Insurance Trends 2019| October 2018 © 2018 Capgemini. All rights reserved. 7© 2018 Capgemini. All rights reserved.P&C Insurance Trends 2019 | October 2018 7 Cyber insurance market is expanding with entry of new players and sophisticated risk assessment tools Source: Capgemini Financial Services Analysis, 2018; http://www.itpro.co.uk/cyber-security/30122/cyber-security-spending-will-hit-96bn-in-2018 $96 bn Estimated world wide cyber security spending by the end of 2018 New sophisticated tools for cyber risk assessment Better understanding of risks involved and improved underwriting Emergence of new players Innovative solutions that aim to capture the growing cyber market
  8. 8. P&C Insurance Trends 2019| October 2018 © 2018 Capgemini. All rights reserved. 8© 2018 Capgemini. All rights reserved.P&C Insurance Trends 2019 | October 2018 8 Source: Capgemini Financial Services Analysis, 2018 Improved collaboration with ecosystem partners Automated claims processing and faster payouts Secure and transparent data sharing Distributed Ledger Technology enables P&C insurers to improve operational efficiencies Enhanced fraud detection and prevention Key benefits of leveraging distributed ledger technology
  9. 9. P&C Insurance Trends 2019| October 2018 © 2018 Capgemini. All rights reserved. 9© 2018 Capgemini. All rights reserved.P&C Insurance Trends 2019 | October 2018 9 Source: Capgemini Financial Services Analysis, 2018 Insurers are improving their fraud detection and loss prevention capabilities by leveraging AI and analytics Availability of data from multiple sources Advancements in AI and analytics Need for enhanced customer experience Need for cost optimization Need to reduce loss due to fraud Drivers for AI and analytics adoption for fraud detection and loss prevention
  10. 10. P&C Insurance Trends 2019| October 2018 © 2018 Capgemini. All rights reserved. 10© 2018 Capgemini. All rights reserved.P&C Insurance Trends 2019 | October 2018 10 Source: Capgemini Financial Services Analysis, 2018 P&C insurers are automating internal processes to enhance their real-time data handling capabilities Improved real-time data handling capabilities Cost optimization and ease of scaling up Enhanced operational efficiency Seamless customer experience Increased productivity of human employees Real-time data handling capabilities can enable insurers to generate real-time actionable insights and provide superior customer experience
  11. 11. P&C Insurance Trends 2019| October 2018 © 2018 Capgemini. All rights reserved. 11© 2018 Capgemini. All rights reserved.P&C Insurance Trends 2019 | October 2018 11 Source: Capgemini Financial Services Analysis, 2018 InsurTech firms are becoming the R&D hubs of insurance firms with a gamut of enabling services Hackathons and other competitions Ways through which insurance firms select partners
  12. 12. P&C Insurance Trends 2019| October 2018 © 2018 Capgemini. All rights reserved.P&C Insurance Trends 2019 | October 2018 © 2018 Capgemini. All rights reserved. 12 Insurers are coming up with open platforms and APIs to partner more efficiently with ecosystem players Source: Capgemini Financial Services Analysis, 2018 Increased revenue through cross-selling Enhanced integration with ecosystem partners Improved customer satisfaction Increased number of insurance apps for customers Seamless and timely insurance service offerings
  13. 13. P&C Insurance Trends 2019| October 2018 © 2018 Capgemini. All rights reserved. A global leader in consulting, technology services and digital transformation, Capgemini is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud, digital and platforms. Building on its strong 50-year heritage and deep industry-specific expertise, Capgemini enables organizations to realize their business ambitions through an array of services from strategy to operations. Capgemini is driven by the conviction that the business value of technology comes from and through people. It is a multicultural company of 200,000 team members in over 40 countries. The Group reported 2016 global revenues of EUR 12.5 billion. About Capgemini Learn more about us at www.capgemini.com This message contains information that may be privileged or confidential and is the property of the Capgemini Group. Copyright © 2018 Capgemini. All rights reserved. People matter, results count.

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