P&C Industry - Technology Strategy after Financial Crisis
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Overview: As the year 2009 ended, the dust from the worst financial crisis since the Great Depression has begun to settle. The depth and breadth of damage suffered by the U.S. and global economies is becoming apparent. From the P&C perspective, insurers saw their net income plummet and the net premium written trend also lowered. Insurers hoping for a resurgence of hard market in the 2nd half of 2009 realized that this was just wishful thinking. There is no doubt that the crisis has impacted the P&C industry in a fundamental manner. The resulting industry landscape requires a change in strategy with IT as the key enabler, for insurers to survive and move ahead of the completion. This paper reviews the impact of the financial crisis to the P&C Industry, lists the new industry forces that will dominate; and forecasts where technology executives need to focus on over the next few years.