Drivers, opportunities, and risks shaping the property and casualty insurance industry in 2023
Morristown, NJ (Aug. 8, 2023) – Capgemini is pleased to announce the release of its Property and Casualty Insurance Top Trends 2023 report, which offers a glimpse into how P&C insurers strategically prioritizing digital transformation initiatives to strengthen their capabilities and navigate challenging macroeconomic volatility.
Key actions will include focusing on customer-centricity, prioritizing agile product innovation, embedding sustainability into corporate strategy, and building advanced digital capabilities to build a resilient, future-ready enterprise.
Foreword
Against macroeconomic volatility, inflation, interest rates, and supply-chain disruptions, it is difficult to predict where the property and casualty insurance industry is heading in 2023. However, the challenging macroeconomic environment will not slow down activity aimed at sustainability, customer centricity, digital transformation, and innovation – all with a renewed focus on healthy returns on investment.
As we look forward, we foresee industry frontrunners digitizing quickly to create win-win customer-centric partnerships that help policyholders manage and mitigate risks ranging from cyber threats to climate change. Insurers will also prioritize digital transformation to estimate risk precisely, offer superior claims experiences, build innovative products, and add meaningful customer touchpoints.
To foster transformation, we believe insurers will invest in intelligent automation, sensors, cloud, and initiatives most likely to create a positive impact and scale effectively. Further, insurers will increasingly seek new-age players for technological collaboration and to access new talent – as they reciprocate with investments, scale, and stability.
These trends will converge with those from other industries and incrementally impact all P&C business lines. For example, we expect auto insurance to evolve rapidly and provide new business opportunities aligned with the future of mobility.
I hope Property and casualty insurance top trends 2023 offers valuable insights into the complexity ahead and helps you prepare your firm for success within the industry’s dynamic future.
— Anirban Bose, Financial Services Strategic Business Unit CEO & Group Executive Board Member, Capgemini
Infographic
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Property and Casualty Insurance Top Trends 2023: A complex macroeconomic environment brings challenges and opportunities for property and casualty (P&C) insurers. While the sector has been growing globally, profitability pressure continues, and the industry is refocusing on sustainability, cost controls, and digital transformation.
About Capgemini
Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. The Group is guided every day by its purpose of unleashing human energy through technology for an inclusive and sustainable future. It is a responsible and diverse organization of 270,000 team members in nearly 50 countries. With its strong 50 year heritage and deep industry expertise, Capgemini is trusted by its clients to address the entire breadth of their business needs, from strategy and design to operations, fueled by the fast-evolving and innovative world of cloud, data, AI, connectivity, software, digital engineering, and platforms. The Group reported in 2020 global revenues of €16 billion. Get the Future You Want. For more information, visit www.capgemini.com.
SOURCE: Capgemini
Tags: Capgemini, priorities, Property/Casualty (P&C) insurance, report, strategy, Transformation, trends
