target audience: TECH SUPPLIER Publication date: Mar 2024 - Document type: IDC Survey - Doc Document number: # US51438524
Insurance Industry Outlook Series: Unveiling P&C Insurance Business Priorities and Trends in the Insurance Sector According to IDC's Financial Insights Survey
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Abstract
This IDC Survey presentation illustrates the evolution of the business priorities for property and casualty (P&C) insurers in 2024 based on primary research conducted by IDC Financial Insights across regions in 4Q23. The survey encompassed 112 P&C insurance providers in various regions such as North America (the U.S. and Canada), EMEA (Germany, France, Italy, the U.K., and the UAE), and AP (Australia, India, and Singapore).
P&C insurers adapt to evolving market demands by shifting focus from digitalization to compliance and efficiency. Modernizing legacy IT systems addresses regulatory challenges and technological advancements. Initiatives such as automation, paperless operations, and personalized customer interactions drive innovation. New distribution models, hybrid work transformation, and product innovation emphasize sustainability and customer-centricity, fostering ecosystem involvement for monetization and innovation.
This is the first presentation from the Insurance Industry Outlook: IDC's Financial Insights Survey, 2023, series. In the presentation, we identify the top priorities of P&C insurers and their initiatives prioritization for each category.
"In the wake of the lengthiest hard market stretch since the early 2000s, insurers must craft strategies resilient to market cycles. Central to this is a versatile operating framework capable of evolving with the shifting landscape. Property and casualty insurers are transitioning from a singular emphasis on digitalization to prioritizing agility in regulatory compliance and foresight as well as fluidity in risk capital allocation, facilitated by modernizing core operations for enhanced efficiency," said Davide Palanza, research manager, IDC's Financial Insights Europe.