When it comes to property & casualty insurance, Digital is Data

Perspectives from HFS, EXL, and a selection of its P&C clients on the data-driven future of the industry

HFS connected with EXL's P&C business clients to understanding their digital transformation challenges, how the pandemic impacted them, and their goals for becoming data-driven brokers and carriers in the pandemic economy.

Since the onset of the pandemic, organizations have largely embraced digitization. Whereas before, much of the innovation drive came from challengers to incumbent enterprises, “going digital” has since become an urgent necessity to maintain competitiveness, no matter a company’s market position or historical standing. There are some property and casualty (P&C) carriers that are making the requisite shifts to their businesses in order to innovate in line with market demands. However, like other industries that have already undergone a significant period of change, such as the airline and newspaper industries, there are also incumbent organizations that have been slow to embrace such necessary business model changes. It is the former that are best positioned to succeed in this new digital landscape. In this POV we will focus on P&C carriers and brokers, understanding their digital transformation challenges, how the pandemic impacted them, and their goals for becoming data-driven brokers and carriers in the pandemic economy

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