Insurer Readiness for Real-Time Data Capture

When it comes to readiness for real-time data capture, the focus of P&C insurers in implementing complete front- and back-end systems is higher (18.3%) than life insurers (10%) and health insurers (12.5%). A greater proportion of life insurers (40%) and health insurers (42.2%) are currently in the phase of allocating budget and making investments to build real-time data capturing capability. In terms of adopting tools for real-time data capture, P&C insurers prefer telematics the most while life and health insurers leverage social media platforms the most.

Insurer Readiness for Real-Time Data Capture

Insurer Readiness for Real-Time Analytics

When it comes to readiness for real-time insights, P&C insurers are further ahead than life and health firms because of their higher focus on leveraging artificial intelligence and machine learning (ML) for analytics. Around 16.3% of P&C insurers said they use AI and ML for redefining traditional processes and operating models, followed by 13.9% of life, and 11.1 % of health insurers. Among real-time analytics tools, next to big data analytics (deployed by more than 50% of insurers across sub-sectors), more than 40% of insurers across sub-sectors said they are deploying emerging risk modeling, and an almost equal proportion are utilizing predictive analytics.

Insurer Readiness for Real-Time Analytics

Insurer Readiness for Digital Transformation

P&C insurers are relatively more active in leveraging RPA and AI, compared with life and health insurers. 35.8% of P&C insurers said they are leveraging RPA and AI to design smart core processes as compared with 30.4% of life insurers and 27.6% of health insurers. When it comes to digitizing back-end core systems, P&C and life insurers are on a par with each other (around 40%), while health insurers are slightly less active (36.2%). Insurers across sub-sectors generally follow a similar trend in adopting digital technologies, with RPA being the most-sought tool for deployment.

Insurer Readiness for Digital Transformation