Trends & Innovation in Insurance Technology

Global insurers have been rocked by large, unexpected payouts and falling revenues amid the coronavirus pandemic. Yet, P&C and life insurers in leading markets will still increase their tech spend and accelerate their digital transformations in the next several years to enhance the online user experience.

P&C insurers’ IT/Tech expected spend growth rates plummeted in the short term (Q1 2019–Q4 2020) amid pandemic-induced disruption to their revenues—but they will grow tech spend volume through 2024, as they strive to digitize their businesses and leverage emerging technologies to enhance their customer experience.

Insider Intelligence’s Insurance Technology Spend Forecast report answers:

  • What’s driving the growth of US, UK, and Canadian P&C and life insurers’ IT/tech spend, and what can we expect to see through 2024?
  • What impact will the pandemic have on spending in the short and longer term?
  • Where will insurers focus their tech expenditures?

growth rates us uk canadian p&c

Insider Intelligence

What’s in this report?

Insider Intelligence forecasts the trajectory of US, UK, and Canadian P&C and life insurers’ IT/technology investment between 2020 and 2024 amid the competing pressures of incumbents’ digitization drives and the economic downturn caused by the pandemic.

The report identifies the key factors that will influence tech spend at a global level, inhibiting growth in the shorter term (such as a decline in premium growth) and driving it in the longer term (like closing growing coverage gaps). The report also takes a closer look at the growth factors unique to each of the three key insurance markets for both P&C and life insurers.

Interested in getting the full report? Here’s how you can gain access:

  1. Join other Insider Intelligence clients who receive this report, along with thousands of other Financial Services forecasts, briefings, charts, and research reports to their inboxes. >> Become a Client
  2. Purchase the individual report from our store. >> Buy The Report Here

Are you a current Insider Intelligence client? Log in and read the report here.

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