Digital Transformation in P&C Insurance

As the P&C landscape shifts and consumers begin to demand similar experiences to those of other industries (such as Amazon in retail), P&C insurance firms are faced with some decisions about how to structure their operations to meet these new demands. The past few years have seen the emergence of numerous tools and technologies that can help firms in their digital transformations. A new Aite Group report, Digital Transformation in P&C Insurance: Current Benchmark and Future Roadmap, provides P&C insurance carriers with a critical benchmark of where the industry stands in regard to digital transformation efforts and discusses how their organizations should assess their internal strategic and execution progress.

“There is much more to digital transformation than just updating software and layering in digital tools and processes,” states Jay Sarzen, senior analyst at Aite Group.

“Carriers can’t just sling a dart and hope to hit a bull’s-eye. Goals and objectives must be communicated across the organization, and budget allocations need to align perfectly with those goals,” he explains.

This Impact Report is based on an online Aite Group survey—conducted in partnership with SVIA—of 48 insurance carriers, brokers, and agencies globally in Q2 2019. Of these 48 respondents, 19 represented the P&C space, and these responses are the focus of the report.