subject: Vision Shopsters: 2010 Guide to the US Property & Casualty Industry for Technology Providers (Industry Dynamics) [print this page] The US P&C insurance industry is being battered on several fronts. Revenue is lower than it was before the financial crisis. The regulatory situation is becoming more burdensome. The 2010 hurricane season may be as active as 2005 when Hurricane Katrina hit. Moreover with the ongoing soft market, P&C insurers do not see any premium revenue lift in the immediate future.
Scope
*US Property & Casualty insurance industry
*This report covers opportunities for technology providers selling to the US P&C insurance industry
Highlights
The market forces impacting the US P&C insurance industry are intensifying. Finding profitable growth is the US P&C insurance industry's greatest challenge.
Technology firms must have a truly differentiated value proposition to get the attention of P&C insurers who are, by nature, slow to replace existing providers or adopt new technology.
Reasons to Purchase
*This research identifies opportunities for technology providers selling to the US P&C insurance industry
*This research provides a primer for technology salespeople unfamiliar with the US P&C insurance industry
Table Of Contents :
SUMMARY 2
Catalyst 2
Ovum View 2
Key Messages 2
THE US PROPERTY & CASUALTY INSURANCE INDUSTRY IS CAUTIOUSLY OPTIMISTIC 3
A high-level view of the multi-billion dollar US P&C insurance industry 3
P&C insurance is a multi-faceted product 5
P&C insurers discuss the retail and corporate markets in different terms than L&A insurers 6
Personal and commercial P&C insurance customers have similar reasons for purchasing coverage 7
Automobile insurance dominates the total P&C insurance market 9
P&C insurers generate revenue from customers and investments 10
P&C insurers use metrics focusing on losses and expenses to get a sense of profitability 11
The high-level strategic and operational aspects of the P&C insurance industry illustrate the essence of the industry 13
THE MARKET FORCES IMPACTING THE US P&C INSURANCE INDUSTRY ARE INTENSIFYING 14
P&C insurers are continually impacted by major market forces 14
FINDING PROFITABLE GROWTH IS THE P&C INSURANCE INDUSTRY'S GREATEST CHALLENGE 17
P&C insurance companies have traditionally focused on costs and compliance 17
The US P&C insurance industry market maps illustrating participants such as policyholders, prospects and producers provide sign posts to profitable growth 18
TECHNOLOGY IS THE ENGINE THAT ENABLES THE US P&C INSURANCE INDUSTRY 20
There are six major areas of business opportunities requiring technology support 20
Each of the business opportunities can be explored for potential technology applications 22
RECOMMENDATIONS FOR TECHNOLOGY PROVIDERS 23
Have a truly differentiated value proposition 24
Realize the differences of the speed of change between the technology and P&C insurance industries 24
Demonstrate US P&C insurance industry business knowledge 25
Offer modular solutions or pilots 25
APPENDIX 26
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