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Data and AI

World Property and Casualty Insurance Report 2024

Become an underwriting trailblazer: Chart your transformation across a shifting risk landscape

The global P&C insurance industry faces significant challenges, with global combined ratios reaching 103% in 2022. Inflationary pressure and a volatile risk landscape have tested traditional underwriting strategies; accurate risk prediction and pricing are becoming increasingly challenging and leading to insurability concerns. In response, P&C insurers need to rethink their underwriting strategy to drive tangible business benefits.

Findings from the World Property and Casualty Insurance Report 2024, which reflects the views of 294 insurance executives, 201 insurance underwriters, and 3,323 policyholders, include:

  • Underwriting challenges mount for P&C Insurers due to extreme weather events, digital disruption, and escalating customer demands – leading to sub-optimal combined ratios.
  • Driving an underwriting transformation requires P&C insurers to connect the data dots, unlock actionable insights, and evolve the role of the underwriter towards strategic and sales-enablement activities.
  • Trailblazers that actively work towards underwriting transformation can drive efficiency, fuel accuracy, and enhance the customer/broker experience.

Key highlights

Highlight 1

Static practices create challenges across the underwriting value chain.

According to our 2024 Global Insurance Underwriters’ Survey – static underwriting practices create challenges across different elements of the underwriting value chain. These include data collection, which is hindered by manual processes; risk assessment, where underwriters struggle to build competitively priced policies; and quote generation, where underwriters find it challenging to meet rising broker and customer expectations.

Leverage our intelligent underwriting playbook to help operationalize an underwriting transformation.

Insurers seeking to drive underwriting profitability and unlock business growth can utilize our intelligent underwriting playbook: it offers a framework to transform underwriting and deliver business results by connecting the data dots, unlocking actionable insights using predictive analytics for accurate pricing, and evolving the underwriter role towards strategic and sales-enablement activities.

Insurers’ current technology maturity remains limited.

According to our Global Insurance Executives’ Survey – P&C insurers claiming advanced capabilities across critical technologies such as the cloud environment , predictive models, and AI remain in the minority. Insurers have an opportunity to invest in these technologies to drive productivity, customer experience, and underwriting discipline.

Underwriting trailblazers reap efficiency, accuracy, and experience-related benefits.

According to our Global Insurance Executives’ Survey, the top 8% of insurers are underwriting trailblazers, actively defining automated, data-driven recommendations or decisions. Trailblazers turn advanced underwriting capabilities into tangible benefits, and they rarely miss business targets for efficiency, accuracy, and customer/broker experience – significantly outpacing conventional insurers.

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Meet our experts

Shane Cassidy

Executive Vice President, Financial Services; Insurance Business Unit Leader, Capgemini Financial Services

Adam Denninger

Global Industry Leader, Insurance

Nathan Summers

Global Head for Capgemini Invent

Kiran Boosam

Vice President, Financial Services; Global Insurance Industry Strategy and Portfolio Leader, Capgemini Financial Services

Romain Caillet

Head of Insurance Consulting – France

Kelly Reisling

Global Underwriting Lead, MBA, CPCU

Elias Ghanem

Global Head of Capgemini Research Institute for Financial Services

Luca Russignan

Head of Insurance, Capgemini Research Institute for Financial Services

Executive Steering Committee

Veit Stutz

Veit Stutz

Chief Executive Officer

Allianz Spain

Jim Qin

Jim Qin

Chief Executive Officer, GI

Zurich Hong Kong

Shakeel Farooque

Shakeel Farooque

VP & GM – Small business, recreational, smart home and digital economy

StateFarm

Peter Settel

Peter Settel

Enterprise Chief Strategy and Technology Officer

American Family Insurance

Ludovic Sénécaut

Ludovic Sénécaut

Chief Executive Officer

MS Amlin Insurance SE

Ney Dias

Ney Dias

Chief Executive Officer

Bradesco Auto/RE

Massimo Cavadini

Massimo Cavadini

Global Leader of Insurance Solutions

Munich Re

Juan Arsuaga

Juan Arsuaga

Executive Board Member

Fidelidade

Sean Kevelighan

Sean Kevelighan

Chief Executive Officer

Insurance information Institute

Ralph Severini

Ralph Severini

Global Leader, Insurance Alliances

AWS

Doug Stitzer

Doug Stitzer

Global Industry Market Leader – Insurance

Pegasystems

Rory Yates

Rory Yates

Chief Strategy Officer

EIS

Capgemini recognized as a leading robotic process automation service provider for Financial Services Institutions

Saving through a crisis with Capgemini

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