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).
While most insurers think about data and digital capabilities primarily in outward-facing roles, and most recent core investments focus on products and speed to market, insurers are also deploying technology-enabled capabilities to manage their finance and operations more effectively.
Larger L/A companies generally have more mature capabilities in these areas than midsize insurers. Pilot activity in this area is generally low.
Within the P/C segment, large insurers are more advanced than midsize insurers in every area in this category. 65% of large insurers have capabilities in enterprise customer value analytics compared to only 15% of midsize insurers, and nearly three times as many have flexible internal allocation for services.
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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