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.
The framework we designed applies to both life/annuity and property/casualty insurers. Our recent reports include analysis of data from Novarica’s study of 41 P/C and 17 L/A CIOs, which looks at current and planned deployment rates of each capability. Participants were asked to rate their current capabilities level in each of the 100 areas either mature (3), some (2), current or planned pilot (1), or no current or planned activities (0).
Digital billing capabilities are all related to electronic communications and payments using current and emerging channels and payment mechanisms. The data capabilities are focused on analytics—both internal performance analytics and analytics to drive customer messaging. Core capabilities are focused on consolidation and customization.
Digital billing capabilities are widespread but not ubiquitous at L/A insurers in the study. Data and analytics maturity levels are comparatively low, and core capabilities are much higher at the larger insurers.
Digital billing capabilities are near ubiquitous for both large and midsize P/C insurers, but larger insurers are more advanced in their use of analytics and their ability to offer consolidated bills. However, midsize P/C insurers are actually more advanced on average in the ability to let policyholders set customizable schedules or billing plans. Almost none of the P/C insurers offer SMS payments or are focusing their AI-related analytics efforts on billing.
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.
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