2021 P&C Insurance Insights: Digital Transformation, Ecosystems, and So Much More

The role of insurance is to bring some predictability, manageability, and stability into what is, in essence, a chaotic and uncertain world. After what we have all experienced in 2020, any form of normality would be welcomed.

Fortunately, at the beginning of 2020, many property and casualty insurers were focused on digital transformation to ensure continuity and management of their business processes. As the pandemic crisis hit, these initiatives were dramatically accelerated. Remote access and cloud-based solutions became essential requirements for every insurer’s IT infrastructure.

As we head into 2021, digital transformation will remain the number one priority for every insurer. However, here is a selection of some of the other big issues facing insurers in the next 12 months:

  • Ensuring that customers are at the center of everything an insurer does
  • Developing new, competitively priced products to support consumers’ mobile habits
  • Integrating delivery channels, especially digital channels with traditional channels
  • Enhancing operational efficiency and effectiveness with artificial intelligence
  • Strengthening risk management with new insurance and accounting regulations
  • Developing ecosystems and implementing new technologies across the insurance life cycle
  • Assigning monetary value to data

Also, as we begin 2021, it is with excitement that I announce that I have recently joined Aite Group as a senior analyst for Property & Casualty Insurance. Having started my career as an actuary for a global insurance company, I have over 20 years’ experience in providing strategic advice to insurance companies to help with claims automation, customer experience, underwriting, and fraud detection. 

I am looking forward to using my extensive knowledge in discussing how data, analytics, and technology continue to transform the insurance industry.

Finally, to learn more about key issues impacting insurers in 2021, please join my insurance colleagues at Aite Group for a free webinar on February 4 at 11 a.m. Eastern, when they will discuss the top trends that will shape the life and P&C insurance landscape in 2021 and beyond.

 

For further discussions, connect with me on LinkedIn and Twitter.

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