In P&C 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
Authors:
Sam Duncan
Associate Director, Research
Sam Duncan, is an Associate Director, Research at HFS. He developed a fascination with how the evolution of technology accelerated globalization while completing a degree in economics at Bournemouth University. At HFS he gets excited by blockchain and other cutting-edge technologies as they impact business. He maintains a focus on banking and financial services.
Nigel Edwards
Chief Client Officer
Nigel Edwards is Chief Client Officer at HFS Research. He works closely with the CEO and the Leadership team to set the strategy for collaborating with our clients to help them achieve their business goals. Nigel oversees client relationships across all new and existing accounts, and works with the Chief Strategy Officer and Chief Research Officer to ensure that we bring the best of our capabilities behind our clients’ agendas.