Sixth annual Aite-Novarica 100 Benchmark study of digital, data/analytics, and core capabilities leverages data from 49 property/casualty insurers
Study of digital, data/analytics, and core capabilities leverages data from 49 property/casualty insurers
Boston, MA (Aug. 31, 2021) – Property/Casualty insurers continue to mature in most functional areas: with larger insurers indicating gains in data capabilities for claims, product development, and customer engagement; and midsize insurers having gained in digital and core capabilities for underwriting and finance. According to the sixth annual Aite-Novarica 100 Digital, Data, and Core Capabilities for P/C Insurers, published by research and advisory firm Aite-Novarica Group, these gains represent insurers’ capabilities increasing in maturity rather than creating new capabilities where they previously had none.
“The average large property/casualty insurer has an overall maturity score 22% higher than the average midsize insurer,” said Harry Huberty, Head of CIO Research and author of the report. “The gap is narrowest in underwriting and most pronounced in claims, where larger insurers reported substantial maturity increases in 2021 as compared to 2020.”
Key points and findings for property/casualty insurers include:
- Insurers reported higher maturity in most functional areas. Larger insurers indicated maturity gains in data capabilities for claims, product development, and customer engagement, while midsize insurers indicated gains in digital and core capabilities for underwriting and finance.
- Connectivity is key. Larger insurers have been investing in externalizable APIs and integration capabilities for several years; midsize insurers are maturing in this area.
- Insurers are investing in customer communications. Omni-channel CCM for marketing, customer engagement, and claims are among the most-piloted capabilities, reflecting the pandemic-induced shift towards online and mobile communications and sales
These findings are based on analysis of data collected from 49 property/casualty insurer CIO members of the Novarica Research Council using the Aite-Novarica 100 Framework, which describes 100 key digital, data/analytics, and core technology capabilities delivered with today’s available technology, across the insurance product and customer life cycles.
This 48-page report has 53 figures and five tables. Clients of Aite-Novarica’s P&C Insurance service can download this report.
Click here to access the report or download the table of contents.
About Aite-Novarica Group
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, markets, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. For more information, visit aite-novarica.com.
Source: Aite-Novarica GroupTags: Aite-Novarica Group, analytics, benchmarking, Big Data, data