This report uses the CB Insights MVP Technology Framework to rank tech market planning decisions and give an adoption playbook for the P&C insurance underwriting domain.
CB Insights examined data processing and triage tech markets across P&C insurance underwriting using the MVP framework. This methodology scores top tech markets across two metrics:
Market momentum — Measures private market activity as a signal of the degree of overall market potential. Signals include the number of startups, the amount of capital invested, and the relative maturity of startups in the space, among others.
Industry leader activity — Assesses the degree of tech market involvement among established industry players. Signals include CVC activity, industry and executive chatter, and patent filings, among others.
P&C insurance leaders are prioritizing the digitization of underwriting workflows to improve efficiency and accuracy, while prioritizing the most consequential risks. In a move towards straight-through-processing (i.e., automatic underwriting), insurers are investing in data processing & triage solutions.
In this report, we evaluate 10 tech markets that life insurance leaders should monitor, vet, and prioritize toward this effort, including:
- Robotic process automation (RPA)
- Data integration tools
- Optical character recognition (OCR)
- No-code automation
- Synthetic data