P&C Insurance Technology Trends in India

December 14, 2010

Abstract

The P&C market in India is expected to see tremendous growth in the near future, reaching US$1.4 billion in 2014, up from its current US$770 million market size.

Insurance carriers are increasingly evaluating technology investments to meet growth and efficiency objectives. In a new report, P&C Insurance Technology Trends in India, Celent discusses the technology landscape in the general insurance market in India, based on the results of a Celent survey of 68% of market participants. The report provides a detailed analysis of various growth opportunities for technology investments by P&C carriers and their technology strategies in coming years. It also details software and hardware spending trends in the domestic general insurance market.

“There are interesting technology investment trends in India’s P&C sector. The current mindset of most insurers is to utilize technology as a tool to realize efficiencies and streamline operations while maintaining a focus on growth and reduction in costs,” says Ravi Nawal, Senior Analyst with Celent’s Indian Financial Services Group and author of the report.

“The dynamics of the insurance sector in India are resulting in increasing experimentation with investment strategies across the technology value chain, resulting in evolving dynamics for vendors to this sector,” he adds.

This report provides a comprehensive overview and insights into the key emerging trends in the technology investments space for P&C insurers in India. It evaluates key technology drivers, trends, and spending priorities.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Introduction

5

Methodology

7

Technology Spending in P&C Insurance

9

Focus Areas and Priorities

14

Technology Strategies

21

Conclusions

27

Leveraging Celent’s Expertise

29

Related Celent Research

30

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