We recently published the Novarica New Normal 100, for P/C and L/A, which covers 100 digital, data, and core capabilities for insurers across eight functional areas: product development, marketing, distribution, underwriting, customer engagement, billing, claims, and finance/operations.
For IT operations, general IT capabilities were measured around the following four areas: MVP deployment, robotic process automation (RPA), IT financial management, and modern DevOps practices. Investments differed across P/C insurers and L/A insurers, P/C insurers focusing on MVP deployment and L/A insurers investing more heavily in IT financial management.
Within the P/C segment, 100% of large P/C carriers and 76% of midsize P/C carriers have been focusing on MVP deployments. One successful example is Amerisure and their development of a Digital Innovation practice, highlighted in our Insurance Technology Case Studies Compendium. The practice created a sustainable pipeline that led to 14 total experiments and 3 pilots, including the delivery of an agent mobile app.
For L/A carriers, the use of IT financial management is significantly more common since 2018, with twice as many respondents this year who have said they consider their IT financial management capabilities to be mature. 100% of large and 50% of midsize L/A carriers have deployed some form of IT financial management capabilities.
For more on the ever-changing insurance landscape, check out the Novarica New Normal 100: Digital, Data, and Core Capabilities for Property/Casualty Insurers and the Novarica New Normal 100: Digital, Data, and Core Capabilities for Life/Annuity Insurers. For more case studies, see our Insurance Technology Case Studies Compendium 2019.
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