A Majesco and Capgemini Joint Point of View Report
Risk. For insurers, it is at the heart of what they do – understanding, assessing, and managing it to provide, price, and underwrite the right products and value-added services to help customers manage in an increasingly uncertain world. But risk is changing, and challenging the predictability of its impact and frequency.
The rising number of extreme weather events and natural disasters has had a substantial effect on people and businesses – with over 18 catastrophic events in 2022 in the US alone. With rising property prices, materials, and repair costs, many insureds lack sufficient insurance coverage, resulting in a gap and increased financial risk. While environmental weather and natural disasters such as wildfires, hurricanes, or other catastrophic events, are top of mind, there is a growing set of new risks, including societal and technological.
Majesco and Capgemini recently brought together a roundtable of experienced P&C industry experts and participants to share their experiences and insights on these and other challenges. Their insights on what has worked for them – as well as what has not – offer valuable lessons for all P&C insurers dealing with the changing world of risk.
Read this report to better understand:
- How P&C insurers must rethink risk management strategies, from products and pricing to claims and prevention.
- The velocity and timing of new risks that are emerging within the insurance industry.
- Why a broader view of risks is needed for insurers, given the loss patterns that are occurring.
- How change and risk is increasing customer expectations of insurers for new products and services.
- What technology platforms are crucial to manage increased risk, new products and risk prevention.