Business and Technology Trends: Personal Lines

Published: May 2015

Non-Client Price: $1,950

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Summary

This report is part of a series on key business and technology trends in specific line of business segments in the US insurance industry. These reports are based on the expertise of Novarica’s staff, conversations with members of the Novarica Insurance Technology Research Council, and a review of secondary published sources

In a market with very competitive conditions and intense profitability pressures, personal lines carriers are focusing on growth strategies, expense reduction, and improving underwriting results.

Top initiatives for personal lines carriers include business intelligence, policy admin systems replacement, claims systems replacement, and portal functionality for both agents and insureds.
This report provides an overview of personal carriers’ business and technology issues, data about the marketplace, and 47 examples of recent technology investments by personal lines insurers


Contents

Figures and Tables…2
Related Research…2
Executive Summary…3
Key Findings…4
Market Overview…5
Insurer Landscape….7
Top Core Application Issues….10
Front-End…14
Core Systems…17
Financials…21
Documents…21
Business Intelligence…23
CRM…24
Specialized Components…25
Top Technology Priorities…27
Next Steps…28
About Novarica…29