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For Property and Casualty (P&C) insurers, COVID-19 disrupted several aspects of business including front and back-office operations. WNS partnered with Insurance Insider to assess the conditions of the P&C market. The survey revealed some interesting trends.
While 67.1 percent of respondents felt that introducing new products and investing in technology were their top priorities to maximize growth, only 27.6 percent were focused on selling to digital natives
According to 55.7 percent respondents, the P&C market’s distribution model is likely to be split between broker-driven and direct in the next three years. A majority, at present, are not moving towards a direct model
Blockchain adoption remains sluggish as only 15.4 percent of respondents said their organizations were leveraging the technology