Survey results describe an industry that reports progress with speed to market, but also recognizes a need to increase its pace with regard to other critical industry drivers.
Recently Celent’s Michael Fitzgerald and Niall Williams published a report titled Pace of Change in P&C Insurance-Current Priorities and Efforts. In their research, Celent found while respondents report improved speed to market, they are largely dissatisfied with the speed of their response to industry change drivers.
Technology innovation, increasing amounts of data, and rising customer expectations are pressuring the industry to transform rapidly. Other forces — competition for talent, product innovation and regulatory influence — are also forcing carriers to adapt quickly.
To help insurers navigate these changes, Celent conducted a survey of North American and EMEA property and casualty firms to gauge industry and carrier progress against six elements forcing change in insurance.
“Respondents are evenly split in their estimation of readiness. When asked how confident they are that their company has the processes, technology, and culture to make needed changes at an acceptable speed, half are somewhat confident or less. In other words, the insurance professionals who responded to the survey believe success is a toss-up.
Leaders will break this tie by aggressively identifying the areas of their business that will enable them to move at a speed sufficient to keep up with the emerging pace of change. Based on survey feedback, the priority areas are Customer Expectations, Technology Innovation, and Increased Data,” says Michael Fitzgerald, a Senior Analyst with Celent’s Insurance practice.
“Speed to market and the ability to adopt / adapt new technology quickly are non-negotiable for success today, but alone, they are insufficient. Rather, an insurer’s pace of change across a broad set of drivers impacting the entire industry will determine losers and winners. Leaders will look at changes beyond upgrading systems and will motivate changes in customer engagement, technology innovation and use of data,” he added.