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The US P&C Insurance Ecosystem

How to Grab Opportunities and Manage Risk in a $797 Billion Industry Transformed by Digital

Report by Eleni Digalaki  |  May 23, 2022
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Table of Contents
Executive Summary
Key Points
Introduction
Who’s Who in the P&C Insurance Ecosystem
The Evolving Insurance Customer Journey
How Insurers Can Get the Most for Their Tech and Digital Ad Dollars
The Top Trends Shaping P&C Insurance
Read Next
Sources
Media Gallery
About This Report
Rapidly shifting customer expectations, disruption from new entrants, and new risks and coverage needs threaten to turn the property and casualty (P&C) insurance industry on its head. But insurers that digitally transform can come out on top.
Topics
Insurance
United States
Table of Contents
Executive Summary
Key Points
Introduction
Who’s Who in the P&C Insurance Ecosystem
The Evolving Insurance Customer Journey
How Insurers Can Get the Most for Their Tech and Digital Ad Dollars
The Top Trends Shaping P&C Insurance
Read Next
Sources
Media Gallery

Executive Summary

Property and casualty (P&C) insurers are at a crossroads as digital transformation, disruptors, and shifting consumer behaviors rock their industry. But incumbents can invest wisely to deepen customer relationships and build innovative solutions.

4 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. Who are the key stakeholders in the US P&C insurance ecosystem?
  2. How is digital transforming the customer journey?
  3. How will insurers shape their budget allocation priorities?
  4. What are the top P&C insurance trends to watch in 2022?

WHAT’S IN THIS REPORT? We lay out the links in the insurance value chain, detail the drivers of digital transformation within the P&C insurance industry, and explore how incumbents can best meet the needs of digitally minded consumers. We also highlight the key trends that will reshape the industry going forward.

Leading Digital Priorities According to Insurance Executives Worldwide, Sep 2021 (% of respondents)
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KEY STAT: Digitally minded customers are pushing insurers to transform: Digitizing service and support is worldwide insurance executives’ most cited digital priority in the next 12 months, per a September 2021 Smart Communications survey.

Here’s what’s in the full report

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Table of Contents

  1. Executive Summary
  2. Key Points
  3. Introduction
  4. Who’s Who in the P&C Insurance Ecosystem
  1. The Evolving Insurance Customer Journey
  2. How Insurers Can Get the Most for Their Tech and Digital Ad Dollars
  3. The Top Trends Shaping P&C Insurance
  4. Read Next
  1. Sources
  2. Media Gallery

Charts in This Report

Leading Digital Priorities According to Insurance Executives Worldwide, Sep 2021 (% of respondents)US Consumers Who Have Used an Insurance Agent, by Generation, Oct 2021 (% of respondents in each group)
Which First-Party Data Sources Will Be Most Valuable to Marketing Professionals Worldwide in 2022 to Address the Loss of Third-Party Cookies? (% of respondents)US Retail Ecommerce Sales, 2020-2026 (billions, % change, and % total retail sales)
Total US Property & Casualty Insurance IT/Technology Expenses, 2019-2025 (billions and % change)Emerging Technologies Where Insurance Executives Worldwide Expect to Increase Spending in 2022 (% of respondents)
US Insurance Digital Ad Spending, 2019-2023 (billions and % change)US Cord-Cutters, 2022-2026 (millions and % of population)
Solutions that US Marketers and Agencies Are Using to Grow/Enhance Their First-Party Data, June 2021 (% of respondents)US Usage-Based Insurance Drivers, 2019-2023 (millions and % of insured drivers)
US Embedded Systems Connected Car Drivers, 2021-2025 (millions and % of licensed drivers)US Smart Home Device Users, by Category, 2021-2025 (% of population )

authors

Eleni Digalaki

Contributors

Tyler Brown
Senior Analyst
Caitlin Cahalan
Researcher, Financial Services
Zach Goldner
Junior Forecasting Analyst
Oscar Orozco
Director, Forecasting
Jaime Toplin
Senior Analyst
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