Top trends and priorities focus on digitalization, profitable growth, and customer experience

We met with 76 property and casualty insurance executives to understand their top priorities and how they are preparing for and adapting to key trends shaping their organizations. This year, executives are prioritizing:

  • Digitizing and modernizing operations to stay competitive and drive differentiation
  • Fueling innovation and growth with AI-powered data
  • Using managed IT services to accelerate business transformation and foster agility
Insurance consultant and customer sat looking at a tablet device together

Insurers deepen their focus on data and the power of AI.

92%
say data management and governance is a top data strategy improvement initiative over the next 3 years
40%
cite AI as the top innovation priority over the next 3 years
80%
are exploring GenAI, while traditional AI implementations are up

Technology acceleration and demographic changes dominate macro trends

 

  • Technology and digital acceleration tops macro trends
    75% cite technology and digital acceleration as the most impactful macro trend shaping their organization (-1pp YoY)
  • Changing demographics remains a concern
    66% cite changing social demographics, including aging populations and talent shortages as a top focus (+7pp YoY)
  • The majority of executives feel the impact of value chain reconfiguration
    71% cite the degree of impact as “high” or “medium”
Insurance consultant working at laptop

What digital leaders do to accelerate results

Organizations generating expected results from their digitization strategies—the digital leaders—share common attributes that enable them to accelerate outcomes compared to others. For example, digital leaders in property and casualty insurance:

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Have highly agile business models

+12pp

vs. industry average

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Are producing results from their privacy and protection strategy

+33pp

vs. industry average

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Are less challenged by legacy systems

-9pp

vs. industry average

pp = percentage points

Recommendations for improving data and operations to drive innovation

1

Invest in AI, machine learning and big data analytics to improve underwriting accuracy, claims processing efficiency, and customer experience.

2

Leverage predictive analytics and IoT devices to proactively identify potential hazards and mitigate risks.

3

Use data analytics to gain customer insights for personalized offerings and targeted marketing campaigns.

4

Establish a culture of innovation by encouraging experimentation, creative thinking, and cross-functional collaboration.

5

Understand clients’ supply chain vulnerabilities to accurately assess risk and set premiums, especially for commercial clients.

6

Extend ecosystems through strong strategic partnerships to access new markets, capabilities and innovations.
Life & Pension Insurance

 

 

At CGI, we deliver customized forward-thinking solutions to empower property and casualty insurance companies to advance their digital transformation, optimize operations, innovate and exceed their customers’ expectations. Learn more about:

 

Business Consulting    Artificial intelligence  Advanced analytics   Managed IT Services    Cybersecurity

 

 

Client stories and thought leadership