NTT DATA, a global digital business and IT services leader, has launched a new white paper on the insurance industry, "P&C Insurance Embracing the Future", which analyses the challenges and opportunities that P&C Insurers have in a fast-paced environment that is here to stay, also presents the company's recommendations based on its global approach. Below is a summary of NTT DATA's research and findings.

Industry Momentum

The insurance sector, despite always being conceived as a traditional industry, has been able to cope with adverse situations through agility and digitization. In recent years, the Property and Casualty (P&C) Insurance industry has accelerated its pace and experienced business resilience, developing the ability to adapt and respond to change by transforming its existing transformation models and evolving its business operations. In this process of adaptation, insurers have had to understand the new buyers, adapt the product mix to the new context, and also prepare their workforce for this new panorama.

It is key for insurers to prioritize future vision in their strategies where technology and innovation will be the allies of business success. It is key for insurers to prioritize future vision in their strategies where technology and innovation will be the allies of business success. Being aware of the most advanced technologies and how they are driving the industry forward is essential for insurers who have competitiveness and market relevance on their agenda.

In the current global environment, NTT DATA recognizes that this is an ideal time for P&C insurers to continue to accelerate their transformation. In producing the new white paper, we have leveraged our experts' industry knowledge and ability to deliver solutions in line with the current needs of the industry.

New Routes Towards the Evolution of the Industry

NTT DATA Insights

In a new life context where people worked from home, used their cars less, there were changes in their life events and there was greater use of digital technology. As a result, P&C insurers had to learn to connect differently with their customers. The activation of digital channels increased customer touch points, which gave greater prominence to the customer experience, where it is increasingly important to offer seamless multi-channel experiences delivered through an omni-channel platform.

As insurers move towards their future strategies, it is imperative to keep a close eye on the various macroeconomic trends, disruptions from the various players in the Insurtech ecosystem, technology and industry giants and understanding the advanced technologies that are currently crucial for the industry to overcome technological obsolescence.

Another important challenge to consider as the sector moves forward is the issue of being a data-driven company, being a critical element for real-time decision-making and actions. Connecting data with the most advanced technologies is key to enabling business success.

Insurers are already on the data journey, but it is not enough, it can still be considered to be in the early days of adoption, with areas for improvement to fully unlock its potential. Technologies such as Machine Learning, Artificial Intelligence, Business Intelligence and Analytics can help insurers in their operations, drive innovation and leverage Data & Analytics across the value chain.

NTT DATA can support insurers in the following use cases:

• Creating an ecosystem with retailers and dealers to offer experiences and not just products
• Beating infrastructure obsolescence, an important digitalization challenge for insurers
• Reducing claims leakage and optimizing claims processes

If insurers want to move forward on their digitalization path, it is necessary to contemplate the best technological scenarios that lead them to operate more effectively and have a positive impact on the service to the end customer.

Conclusions

P&C companies continue to move forward in their transformation where elements such as digitization, resilience and agility are of great importance moving forward. It will be key to consider how to connect and deliver unparalleled customer experiences, and in that strategy to better serve and understand their customers, they must not lose focus on becoming a data-driven company.

Download the white paper here.

About NTT DATA

NTT DATA – a part of NTT Group – is a trusted global innovator of IT and business services headquartered in Tokyo. We help clients transform through consulting, industry solutions, business process services, IT modernization and managed services. NTT DATA enables clients, as well as society, to move confidently into the digital future. We are committed to our clients' long-term success and combine global reach with local client attention to serve them in over 50 countries. Visit us at nttdata.com.

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