The global property and casualty insurance industry are challenged by increasing claims costs, increased regulatory compliance requirements, competition from innovative new market entrants and commoditization by new buyers such as Millennials. This environment is further challenged by the need to transform legacy platforms and implement disruptive technologies to improve the overall customer experience in order to remain competitive.
Key technologies have disrupted the marketplace: Internet of Things (IoT), telematics, blockchain, artificial intelligence and robotic process automation. Straight-through-processing (STP) is table stakes to keep costs aligned with the competition while increasing service capabilities. New innovative products such as usage-based and on-demand insurance are competing with traditional models.