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P&C INSURANCE:
TOP TRENDS
2022
SLIDESHARE DECK
RESEARCH
INSTITUTE
2
Public © Capgemini 2021. All rights reserved |
Top Trends in Property & Casualty Insurance for 2022 by Capgemini
A FOCUS ON HIGH-IMPACT BUSINESS TRENDS CAN ENABLE P&C
INSURERS TO BECOME FRONTRUNNERS OF THE FUTURE
 Adoption priority refers to the urgency of adopting a particular trend to create maximize value in 2021. Ratings are based on identified trends for insurers operating in the current environment.
 Business impact represents the influence of an identified trend on a firm’s 2021 business, including impact on customer experience, operational excellence, regulatory compliance, or profitability.
 This matrix represents the view of Capgemini analysts for an insurer working within the current operating environment.
• Low interest rate environment
• Operational disruption due to COVID-19
• Uncertain regulatory environment
The factors above will vary by insurer depending on business priorities, geographic location, and several other factors. For specific requirements, contact insurance@capgemini.com.
• Highly-competitive environment and increased focus on
customer centricity due to new-age players
• Emerging consumer preferences.
Source: Capgemini Financial Services Analysis, 2021.
Top Trends in Property & Casualty Insurance for 2022 by Capgemini
Customer centricity
1
Insurers are retooling distribution channels to provide enhanced Convenience, Advice, and
REach (CARE)
2
Insurers are shifting their focus towards providing comprehensive coverages
and faster payouts
3 Usage-based models are increasingly gaining traction in commercial lines
Intelligent enterprises
4 Insurers are increasingly collaborating with experts to detect and prevent cyber attacks
5 Shortening application development cycle becomes a priority to achieve go-to-market agility
6 Intelligent automation enhances insurers’ process efficiency
Business resilience
7
Insurers are strengthening their risk modeling capabilities to navigate evolving weather-related
risks
8 Enhancing the accuracy of risk pricing outcomes is moving up the leadership agenda
9
Insurers are embedding sustainability and ESG (Environmental, Social and Governance)
goals in their strategy
Collaboration-at-scale
10
Collaboration with ecosystem players is enabling insurers to embed insurance in customers’
daily lives
Adoption
priority
(2022)
Business impact (2022)
Medium
High
Significant
Medium High Significant
3 8
5 1
4 10
9
2 7
6
3
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
INSURERS ARE RETOOLING DISTRIBUTION CHANNELS TO ENHANCE
CONVENIENCE, ADVICE, AND REACH (CARE)
Digitally empowered distribution channels deliver high-impact benefits
Top Trends in Property & Casualty Insurance for 2022 by Capgemini
With a focus on experience-led
engagement, P&C insurers are
reimagining distribution
channels to offer seamless,
convenient multi-channel CX
Up-sell and
cross-sell
opportunities
Generating
more
nuanced
customer
insights
Connect with
customers
on-demand
Enabling a
seamless
purchase
experience
Hyper-
personalization
of offerings
Fostering
experience-led
engagement
4
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
INSURERS ARE SHIFTING THEIR FOCUS TOWARDS PROVIDING
COMPREHENSIVE COVERAGES AND FASTER PAYOUTS
Key benefits of offering comprehensive offerings and faster payouts
Top Trends in Property & Casualty Insurance for 2022 by Capgemini
Satisfied
policyholders
demonstrate
trust and loyalty
Property is
restored faster to
delight individual
and business
clients
Carriers
generate new
revenue
streams
With a brighter 2022 outlook
expected, more carriers will
revisit their product strategy
and offer innovative coverage
and payment options to suit
evolving customer needs.
5
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
USAGE-BASED MODELS ARE INCREASINGLY GAINING TRACTION IN
COMMERCIAL LINES
What’s so attractive about usage-based and pay-per-use insurance?
Top Trends in Property & Casualty Insurance for 2022 by Capgemini
FOR INSURERS FOR
CUSTOMERS
Expand their products
in new segments
Enhanced
customer experience
Convenient and
personalized offerings
Control over premiums
Value for money
New revenue streams
P&C insurers are
developing innovative
product offerings based
on new business
models to address
latent customer needs.
6
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
Lower
premiums
Optimal capital
allocation for
insurers
Lesser
vulnerabilities
to cyber
attacks
Less
chances of
accumulation
risk
INSURERS ARE INCREASINGLY COLLABORATING WITH EXPERTS TO
DETECT AND PREVENT CYBER ATTACKS
Better risk assessment and adopting preventive measures in cyber insurance means?
Top Trends in Property & Casualty Insurance for 2022 by Capgemini
Increasingly frequent and severe
cyber crimes are driving up cyber
insurance market prices, prompting
the need for fail-safe risk
prevention models and techniques.
7
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
SHORTENING APPLICATION DEVELOPMENT CYCLES BECOME A
PRIORITY TO ACHIEVE GO-TO-MARKET AGILITY
Why are P&C insurers making the switch to low-code and no-code platforms?
Top Trends in Property & Casualty Insurance for 2022 by Capgemini
Fostering
close
alignment
between
business
and IT teams
Freeing IT
team
bandwidth
to focus on
complex
projects
Facilitating
insurers
to market
changes more
quickly
P&C insurers are increasingly
adopting no-code/low-code open
platforms to compress application
development cycles, improve
efficiency, and go to market faster
8
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
INTELLIGENT AUTOMATION ENHANCES INSURERS’ PROCESS
EFFICIENCY
How can P&C insurers get the most from Intelligent Automation?
Top Trends in Property & Casualty Insurance for 2022 by Capgemini
Cost
reduction
Faster and
accurate
claims
settlement
Automated
underwriting
Adherence to
regulatory
compliance
Operational
excellence
Faster
processing
at FNOL
Algorithmic technologies based on
AI and machine learning
techniques can improve process
efficiency and give carriers a
competitive edge in the coming
years.
9
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
INSURERS ARE STRENGTHENING THEIR RISK MODELLING CAPABILITIES
TO NAVIGATE EVOLVING WEATHER-RELATED RISKS
How can new technology solutions help P&C insurers mitigate weather-related risks?
Top Trends in Property & Casualty Insurance for 2022 by Capgemini
Faster claims
settlement
Accurate risk
modeling
Improved customer
experience and
personalized premiums
Better capital
allocation for
insurers
Carriers will assess weather-
related risks more accurately and
develop simpler weather
coverage products.
10
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
ENHANCING THE ACCURACY OF RISK PRICING OUTCOMES IS MOVING
UP THE LEADERSHIP AGENDA
Pricing accuracy benefits P&C insurers during competitive times
Top Trends in Property & Casualty Insurance for 2022 by Capgemini
Maintain
profitability
Faster time
to market
Hyper-
personalized
offerings to
customers
Avoid adverse
risk selection
Alternate data sources and state-
of-the-art analytical tools can help
P&C insurers leverage more
granular risk assessment
methods to price the risk
effectively.
11
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
INSURERS ARE EMBEDDING SUSTAINABILITY AND ESG
(ENVIRONMENTAL, SOCIAL AND GOVERNANCE) GOALS IN THEIR
STRATEGY Benefits of incorporating ESG standards
Top Trends in Property & Casualty Insurance for 2022 by Capgemini
Establish
investor and
policyholder
trust
Make a
positive
societal
impact
Create a
positive
brand image
Generate
sustainable
financial
returns
Reduce
underlying
risks
After leveraging innovations and pandemic-
dictated virtual and digital operations, we
anticipate carriers to continue their dedication
to agile, customer-centricity while also
addressing stakeholders’ environmental,
social, and governance (ESG) expectations.
12
Public © Capgemini 2021. All rights reserved |
Top-10 Trends in Life Insurance 2022
COLLABORATION WITH ECOSYSTEM PLAYERS IS ENABLING INSURERS
TO EMBED INSURANCE IN CUSTOMERS’ DAILY LIVES
Embedded insurance will spur CX improvements
Top Trends in Property & Casualty Insurance for 2022 by Capgemini
Reaching customers
at the right time via
the right channels
Aligning
with customers’ preferences and
personalizing offerings
Accessing
new markets and a
large customer base
Embedding coverage within
policyholders’ day-to-day lives via
third-party ecosystems helps P&C
insurers extend their reach.
This presentation contains information that may be privileged or confidential and is
the property of the Capgemini Group.
Copyright © 2021 Capgemini. All rights reserved.
Capgemini is a global leader in partnering with companies to transform and manage their
business by harnessing the power of technology. The Group is guided everyday by its
purpose of unleashing human energy through technology for an inclusive and sustainable
future. It is a responsible and diverse organization of 290,000 team members in nearly 50
countries. With its strong 50 year heritage and deep industry expertise, Capgemini is
trusted by its clients to address the entire breadth of their business needs, from strategy
and design to operations, fuelled by the fast evolving and innovative world of cloud, data,
AI, connectivity, software, digital engineering and platforms. The Group reported in 2020
global revenues of €16 billion.
About Capgemini
Get the Future You Want | www.capgemini.com

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Top P&C Insurance Trends 2022

  • 2. 2 Public © Capgemini 2021. All rights reserved | Top Trends in Property & Casualty Insurance for 2022 by Capgemini A FOCUS ON HIGH-IMPACT BUSINESS TRENDS CAN ENABLE P&C INSURERS TO BECOME FRONTRUNNERS OF THE FUTURE  Adoption priority refers to the urgency of adopting a particular trend to create maximize value in 2021. Ratings are based on identified trends for insurers operating in the current environment.  Business impact represents the influence of an identified trend on a firm’s 2021 business, including impact on customer experience, operational excellence, regulatory compliance, or profitability.  This matrix represents the view of Capgemini analysts for an insurer working within the current operating environment. • Low interest rate environment • Operational disruption due to COVID-19 • Uncertain regulatory environment The factors above will vary by insurer depending on business priorities, geographic location, and several other factors. For specific requirements, contact insurance@capgemini.com. • Highly-competitive environment and increased focus on customer centricity due to new-age players • Emerging consumer preferences. Source: Capgemini Financial Services Analysis, 2021. Top Trends in Property & Casualty Insurance for 2022 by Capgemini Customer centricity 1 Insurers are retooling distribution channels to provide enhanced Convenience, Advice, and REach (CARE) 2 Insurers are shifting their focus towards providing comprehensive coverages and faster payouts 3 Usage-based models are increasingly gaining traction in commercial lines Intelligent enterprises 4 Insurers are increasingly collaborating with experts to detect and prevent cyber attacks 5 Shortening application development cycle becomes a priority to achieve go-to-market agility 6 Intelligent automation enhances insurers’ process efficiency Business resilience 7 Insurers are strengthening their risk modeling capabilities to navigate evolving weather-related risks 8 Enhancing the accuracy of risk pricing outcomes is moving up the leadership agenda 9 Insurers are embedding sustainability and ESG (Environmental, Social and Governance) goals in their strategy Collaboration-at-scale 10 Collaboration with ecosystem players is enabling insurers to embed insurance in customers’ daily lives Adoption priority (2022) Business impact (2022) Medium High Significant Medium High Significant 3 8 5 1 4 10 9 2 7 6
  • 3. 3 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 INSURERS ARE RETOOLING DISTRIBUTION CHANNELS TO ENHANCE CONVENIENCE, ADVICE, AND REACH (CARE) Digitally empowered distribution channels deliver high-impact benefits Top Trends in Property & Casualty Insurance for 2022 by Capgemini With a focus on experience-led engagement, P&C insurers are reimagining distribution channels to offer seamless, convenient multi-channel CX Up-sell and cross-sell opportunities Generating more nuanced customer insights Connect with customers on-demand Enabling a seamless purchase experience Hyper- personalization of offerings Fostering experience-led engagement
  • 4. 4 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 INSURERS ARE SHIFTING THEIR FOCUS TOWARDS PROVIDING COMPREHENSIVE COVERAGES AND FASTER PAYOUTS Key benefits of offering comprehensive offerings and faster payouts Top Trends in Property & Casualty Insurance for 2022 by Capgemini Satisfied policyholders demonstrate trust and loyalty Property is restored faster to delight individual and business clients Carriers generate new revenue streams With a brighter 2022 outlook expected, more carriers will revisit their product strategy and offer innovative coverage and payment options to suit evolving customer needs.
  • 5. 5 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 USAGE-BASED MODELS ARE INCREASINGLY GAINING TRACTION IN COMMERCIAL LINES What’s so attractive about usage-based and pay-per-use insurance? Top Trends in Property & Casualty Insurance for 2022 by Capgemini FOR INSURERS FOR CUSTOMERS Expand their products in new segments Enhanced customer experience Convenient and personalized offerings Control over premiums Value for money New revenue streams P&C insurers are developing innovative product offerings based on new business models to address latent customer needs.
  • 6. 6 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 Lower premiums Optimal capital allocation for insurers Lesser vulnerabilities to cyber attacks Less chances of accumulation risk INSURERS ARE INCREASINGLY COLLABORATING WITH EXPERTS TO DETECT AND PREVENT CYBER ATTACKS Better risk assessment and adopting preventive measures in cyber insurance means? Top Trends in Property & Casualty Insurance for 2022 by Capgemini Increasingly frequent and severe cyber crimes are driving up cyber insurance market prices, prompting the need for fail-safe risk prevention models and techniques.
  • 7. 7 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 SHORTENING APPLICATION DEVELOPMENT CYCLES BECOME A PRIORITY TO ACHIEVE GO-TO-MARKET AGILITY Why are P&C insurers making the switch to low-code and no-code platforms? Top Trends in Property & Casualty Insurance for 2022 by Capgemini Fostering close alignment between business and IT teams Freeing IT team bandwidth to focus on complex projects Facilitating insurers to market changes more quickly P&C insurers are increasingly adopting no-code/low-code open platforms to compress application development cycles, improve efficiency, and go to market faster
  • 8. 8 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 INTELLIGENT AUTOMATION ENHANCES INSURERS’ PROCESS EFFICIENCY How can P&C insurers get the most from Intelligent Automation? Top Trends in Property & Casualty Insurance for 2022 by Capgemini Cost reduction Faster and accurate claims settlement Automated underwriting Adherence to regulatory compliance Operational excellence Faster processing at FNOL Algorithmic technologies based on AI and machine learning techniques can improve process efficiency and give carriers a competitive edge in the coming years.
  • 9. 9 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 INSURERS ARE STRENGTHENING THEIR RISK MODELLING CAPABILITIES TO NAVIGATE EVOLVING WEATHER-RELATED RISKS How can new technology solutions help P&C insurers mitigate weather-related risks? Top Trends in Property & Casualty Insurance for 2022 by Capgemini Faster claims settlement Accurate risk modeling Improved customer experience and personalized premiums Better capital allocation for insurers Carriers will assess weather- related risks more accurately and develop simpler weather coverage products.
  • 10. 10 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 ENHANCING THE ACCURACY OF RISK PRICING OUTCOMES IS MOVING UP THE LEADERSHIP AGENDA Pricing accuracy benefits P&C insurers during competitive times Top Trends in Property & Casualty Insurance for 2022 by Capgemini Maintain profitability Faster time to market Hyper- personalized offerings to customers Avoid adverse risk selection Alternate data sources and state- of-the-art analytical tools can help P&C insurers leverage more granular risk assessment methods to price the risk effectively.
  • 11. 11 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 INSURERS ARE EMBEDDING SUSTAINABILITY AND ESG (ENVIRONMENTAL, SOCIAL AND GOVERNANCE) GOALS IN THEIR STRATEGY Benefits of incorporating ESG standards Top Trends in Property & Casualty Insurance for 2022 by Capgemini Establish investor and policyholder trust Make a positive societal impact Create a positive brand image Generate sustainable financial returns Reduce underlying risks After leveraging innovations and pandemic- dictated virtual and digital operations, we anticipate carriers to continue their dedication to agile, customer-centricity while also addressing stakeholders’ environmental, social, and governance (ESG) expectations.
  • 12. 12 Public © Capgemini 2021. All rights reserved | Top-10 Trends in Life Insurance 2022 COLLABORATION WITH ECOSYSTEM PLAYERS IS ENABLING INSURERS TO EMBED INSURANCE IN CUSTOMERS’ DAILY LIVES Embedded insurance will spur CX improvements Top Trends in Property & Casualty Insurance for 2022 by Capgemini Reaching customers at the right time via the right channels Aligning with customers’ preferences and personalizing offerings Accessing new markets and a large customer base Embedding coverage within policyholders’ day-to-day lives via third-party ecosystems helps P&C insurers extend their reach.
  • 13. This presentation contains information that may be privileged or confidential and is the property of the Capgemini Group. Copyright © 2021 Capgemini. All rights reserved. Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. The Group is guided everyday by its purpose of unleashing human energy through technology for an inclusive and sustainable future. It is a responsible and diverse organization of 290,000 team members in nearly 50 countries. With its strong 50 year heritage and deep industry expertise, Capgemini is trusted by its clients to address the entire breadth of their business needs, from strategy and design to operations, fuelled by the fast evolving and innovative world of cloud, data, AI, connectivity, software, digital engineering and platforms. The Group reported in 2020 global revenues of €16 billion. About Capgemini Get the Future You Want | www.capgemini.com