Digital Claims in Property and Casualty Insurance – Solutions PEAK Matrix® Assessment 2023

Top Digital Claims in Property and Casualty (P&C) Insurance Solutions

Customer expectation for an Amazon-like experience is driving Property and Casualty (P&C) insurers to reevaluate their digital transformation strategies. However, workflow complexities due to multiple intermediaries and legacy systems are resulting in high turnaround time, information leakages, frauds, and, ultimately, a subpar customer experience. To establish a digital-first operating model, insurers initially digitized their sales and distribution operations but soon shifted their focus to low-touch and seamless core operations such as claims management to generate superior efficiency, leveraging data and ecosystem insights to identify fraud, and improving the claims ratio by building predictive and preventive capabilities.

In this report, we assess 17 digital claims solution providers featured on the Digital Claims in P&C Insurance Solutions PEAK Matrix®. The study will enable buyers to choose the best-fit provider based on their sourcing considerations, while providers will be able to benchmark their performance against each other.

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What is in this PEAK Matrix® Report:

This report presents:

  • P&C insurers’ vision to build a zero-touch claims journey and the critical technology components powering this vision
  • 17 leading digital claims solution providers for the P&C insurance industry on Everest Group’s Solutions PEAK Matrix® evaluation framework
  • The characteristics of Leaders, Major Contenders, and Aspirants
  • Everest Group’s take on the strengths and limitations of each provider

Scope

  • Industry: insurance
  • Geography: global
  • The assessment is based on Everest Group’s annual RFI process for the calendar year 2021, incremental updates sought from the solution providers in 2022, interactions with leading digital claims solution providers, client reference checks, and an ongoing analysis of the digital claims solution market

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

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