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Top-10 Trends in Property & Casualty Insurance: 2018

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Emerging technologies are transforming every aspect of the insurance business. Property and casualty insurers are adapting InsurTech capabilities to be more customer-centric, to optimize costs, and to improve operational efficiency. Transformational moves by P&C insurers include the use of connected devices to mitigate risk, exploring new business models, value chain process automation across using Artificial Intelligence (AI) and Robotic Process Automation (RPA), and blockchain (distributed ledger) technology. They are also leveraging drones for efficient property assessment, Application Programming Interfaces (APIs) for seamlessly integrating with other stakeholders, and advanced analytics to provide personalized offerings and improve underwriting operations. Most of the Insurers prefer to collaborate with InsurTech firms for inculcating InsurTech capabilities and for quick deployment and efficient maintenance of the new systems, they are focusing on a cloud-native approach.

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Top-10 Trends in Property & Casualty Insurance: 2018

  1. 1. Top-10 Technology Trends in P&C Insurance: 2018 December, 2017
  2. 2. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 © 2017 Capgemini. All rights reserved. 2 Top-10 Technology Trends in P&C Insurance in 2018
  3. 3. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 © 2017 Capgemini. All rights reserved. 3 Connected devices help insurers to proactively mitigate risk and provide value-added services a: “Internet of Things (IoT) connected devices installed base worldwide from 2015 to 2025 (in billions)”, Statista, accessed October 2017 at https://www.statista.com/statistics/471264/iot-number-of-connected- devices-worldwide/ Source: Capgemini Financial Services Analysis, 2017 Connected Devices Customers Smart Home Sensors (Ex: Leak Detectors, Smoke Detectors) Telematics Devices (Automobiles) Sensors at Offices, Factories, and Worksites Proactive Risk Mitigation Value-added Services Customized Offerings Real-Time Customer Data Data Analytics 75.4 Ba Predicted number of connected devices in 2025, up from 20.4 B in 2017
  4. 4. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 © 2017 Capgemini. All rights reserved. 4 Source: Capgemini Financial Services Analysis, 2017 One All-Risk Policy New Business Models P&C firms are adopting new business models which can transform the way clients consume insurance offerings
  5. 5. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 © 2017 Capgemini. All rights reserved. 5 a: World Insurance Report 2017, Capgemini, 2017 accessed October 2017 at https://www.worldinsurancereport.com/ Source: Capgemini Financial Services Analysis, 2017 New Business Models Benefits of Automation 80%a The proportion of surveyed executives, whose firm are either investing or planning to invest in RPA and AI over the next three years P&C insurers are increasingly automating processes across the value chain by leveraging RPA and AI
  6. 6. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 6© 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 6 a: “FAA Releases 2016 to 2036 Aerospace Forecast”, Federal Aviation Administration, March 24, 2016, accessed October 2017 at https://www.faa.gov/news/updates/?newsId=85227&cid=TW414 Source: Capgemini Financial Services Analysis, 2017 Enhanced Customer Experience Cost Optimization Ensures Safety Automation of Property Assessment Scalability Improved Speed and Accuracy Benefits of Drones 2.7 Ma Estimated sales of commercial drones in 2020 in the U.S. Drones are increasingly used by P&C firms to improve the accuracy and speed of property assessment
  7. 7. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 77© 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 7 Autonomous vehicles are poised to disrupt auto insurance business model a: “Traffic Safety Facts”, NHTSA, February 2015, accessed October 2017 at https://crashstats.nhtsa.dot.gov/Api/Public/ViewPublication/812115 Source: Capgemini Financial Services Analysis, 2017 Increase in Risk Transparency Transfer Risk Ownership Enhanced Data Availability Reduction in Variables Affecting Risk Real-Time Risk Assessment Reduction in Risk Exposure of Customer Shifting of Risk Liability to Manufacturer Change in Nature of Risk Disruption of Auto Insurance Business Model 94%a Vehicle crashes that can be attributed to human errors
  8. 8. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 8© 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 8 Blockchain has the potential to be a game changer in the insurance industry a: World Insurance Report 2017, Capgemini, 2017, accessed October 2017 at https://www.worldinsurancereport.com/ Source: Capgemini Financial Services Analysis, 2017 01 02 03 05 04 Key Benefits Identity Management Seamless Access of Data Fraud Management New Products and Services Secured Transactions 59%a The proportion of surveyed executives, whose firm are either investing or planning to invest in Blockchain over the next three years
  9. 9. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 9© 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 9 Source: Capgemini Financial Services Analysis, 2017 APIs in P&C Insurance Developing Innovative Applications Collaborating with Third Parties Connected Devices – Telematics and Smart Homes With APIs, insurers can create new applications quickly and have seamless integration with other stakeholders
  10. 10. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 10© 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 10 Source: Capgemini Financial Services Analysis, 2017 Advanced Analytical Technologies New Data Sources Addressing Intensifying Competition Accurate Risk Assessment Personalized Customer Offerings Identifying Emerging Risks More P&C insurers embrace advanced analytics to price risks accurately and identify emerging risks
  11. 11. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 11© 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 11 a: World Insurance Report 2017, Capgemini, 2017, accessed October 2017 at https://www.worldinsurancereport.com/ Source: Capgemini Financial Services Analysis, 2017 Mix of Approaches VC Investment Acquisition Accelerators/ Incubators Partnerships 53%a Insurance executives that wanted to partner with InsurTech firms to leverage digital technologies P&C insurers are collaborating with InsurTech firms to inculcate InsurTech capabilities
  12. 12. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. 12© 2017 Capgemini. All rights reserved.Life Insurance Trends 2018 | December 2017 12 a: “Cloud Native Comes of Age”, Capgemini, accessed October 2017 at https://www.capgemini.com/service/cloud-native/ Source: Capgemini Financial Services Analysis, 2017 Increased Flexibility Better Agility Lower Application Development Cost Benefits Improved Scalability 16%a Proportion of insurers already creating new applications using cloud-native approach P&C insurers are increasingly following a cloud-native approach to adopt new technologies
  13. 13. Life Insurance Trends 2018| December 2017 © 2017 Capgemini. All rights reserved. With more than 190,000 people, Capgemini is present in over 40 countries and celebrates its 50th Anniversary year in 2017. A global leader in consulting, technology and outsourcing services, the Group reported 2016 global revenues of EUR 12.5 billion. Together with its clients, Capgemini creates and delivers business, technology and digital solutions that fit their needs, enabling them to achieve innovation and competitiveness. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business Experience™, and draws on Rightshore®, its worldwide delivery model. About Capgemini Learn more about us at www.capgemini.com This message contains information that may be privileged or confidential and is the property of the Capgemini Group. Copyright © 2017 Capgemini. All rights reserved. Rightshore® is a trademark belonging to Capgemini. This message is intended only for the person to whom it is addressed. If you are not the intended recipient, you are not authorized to read, print, retain, copy, disseminate, distribute, or use this message or any part thereof. If you receive this message in error, please notify the sender immediately and delete all copies of this message.

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