P&C’s next chapter: what insurers must leverage to stay competitive — and how

Are you ready for the future? Discover how leading insurers are leveraging AI and analytics in this whitepaper from Xceedance.

The journey towards a future-proofed insurance industry is complex but compulsory. By embracing technology, insurers can enhance efficiency, improve customer experiences and mitigate emerging risks. 

Why not explore the full potential of these strategies by reading the latest whitepaper from Xceedance: ‘Future-proofing P&C (property and casualty) insurance through technology adoption’, which urges the industry to embrace cutting-edge technology and remain competitive? 

As climate risks grow, underwriting losses mount and operational inefficiencies persist, digital transformation has become the cornerstone of resilience, yet how exactly can technology be leveraged to maximise return? 

This whitepaper delves into these challenges and provides a roadmap for turning your organisation into a future-ready company, so download a copy today.

“Lack of technological integration has caused significant inefficiencies which adversely affect the overall customer experience.”

The need for tech-enabled operations

Factors such as outdated systems, slow processes and insufficient customer engagement are dragging the P&C insurance sector down. 

Find out how to overcome the hurdles present at every stage of the insurance lifecycle, from low straight-through processing rates and longer quote times at pre-issuance to the lack of self-service portals and limited claims-tracking capabilities post-issuance by downloading your copy of the whitepaper today.

Addressing the “inadequate adoption of technology” throughout the insurance sector, the whitepaper warns that this “lack of technological integration has caused significant inefficiencies which adversely affect the overall customer experience”.

Yet it also highlights how technology is disrupting operations in P&C insurance, and that with advanced technologies such as AI, automation and analytics, insurers can address these inefficiencies. 

Take your pick of different industry examples in the whitepaper that showcase the tangible effects of implementing technology successfully, such as Progressive Insurance’s integration of omnichannel strategies or Travelers group’s AI-driven cyber insurance solution.

Leveraging technology across the insurance value chain

Technology adoption in P&C insurance spans every step of the value chain, from underwriting to claims management, and the paper highlights different ways businesses will become more efficient. 

If you want to find out how to move your company from being a ‘primary enterprise’ using technology at its basic level, to a ‘transformative’ business or ‘pioneer’ that uses gen AI-powered tools across all its processes, click here to download the whitepaper now.

Addressing legacy system challenges

Despite the promise of modern technology, legacy systems remain a significant roadblock for many insurers. These systems are costly, inflexible and prone to security vulnerabilities, however the whitepaper suggests several methods to overcome these issues, such as using “modular solutions” for a phased approach, or “bridging data silos” through process orchestration tools.

These strategies not only reduce operational bottlenecks but also position insurers to respond dynamically to market demands. Read more in the whitepaper.

Prioritising use cases for maximum impact

The paper finishes by identifying use cases across the P&C insurance value chain and presents a useful framework that categorises use cases into quick wins, strategic investments, low-hanging fruit and marginal returns.

This framework can help insurers focus their efforts to achieve the greatest return on investment. Dive into the framework’s specifics by accessing the whitepaper now.

Technology adoption is not just about tools; it’s about culture, talent and strategy, and the white paper emphasises the importance of fostering innovation and collaborating with insurtechs for “multiple co-creation initiatives”.

Ready to transform? Download your copy today to start building a resilient, tech-enabled future-proofed business.

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