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Financial services

World Property and Casualty Insurance Report 2023

From insuring assets to protecting mobility : driving growth in the evolving mobility ecosystem

Mobility market evolution poses challenges and opportunities for P&C insurers who need to make the move from insuring assets to protecting the entire mobility journey. This transformation can yield measurable operational benefits and unlock revenue growth for insurers.

Findings from the World Property and Casualty Insurance Report 2023, which reflects the views of over 290 insurance executives and nearly 6,000 consumers, include:

  • Mobility market evolution is driving autonomous, connected, electric and shared (ACES) and multi-modal premium growth.
  • Shifting from insuring assets to protecting mobility journeys requires new business models.
  • Insurers that successfully transition from product developer to solution co-designer, leveraging mobility ecosystems, will become mobility frontrunners.

Key highlights

Highlight 1

Urbanites add new mobility solutions to their transportation repertoire.

According to our Voice of the Customer Survey, with 5990 respondents, adoption of micro-mobility, shared vehicles, and multi-modal transportation solutions will double by 2025, accelerated by increased demand from urban customers. New business models and advanced underwriting will be essential to grow sustainably and ensure P&C insurer relevance within a multi-modal mobility future.

Customers say they expect innovative mobility coverage options.

Not only are customers’ mobility preferences changing, but our report reveals that policyholders want new value propositions and coverage options. Customers primarily expect one policy that covers them regardless of whether they are driving a car, or an e-scooter, or riding in an Uber – rather than traditional personal vehicle coverage.

Insurers that work across the value chain unlock operational and growth opportunities.

According to responses from 297 executives worldwide, insurers in the top 10 percentile of value chain maturity outperform their peers in benefits achievement – particularly around reduced claims volume, higher customer engagement, better NPS® scores, and increased up-selling and cross-selling opportunities.

Leverage our navigational guide to help operationalise an auto-to-mobility transition.

Insurers seeking to reap tangible benefits can leverage our auto-to-mobility navigational guide that offers ways to operationalise the new business models by reassessing insurers’ value propositions. It unlocks ecosystem benefits, showcases insurers’ risk management expertise around underwriting and claims, enables sustainable value-added services, and illustrates methods to re-evaluate insurance firms’ core technology layer.

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Meet our experts

Shane-Cassidy
Shane Cassidy
Executive Vice President, Financial Services; Insurance Business Unit Leader, Capgemini Financial Services
Kiran-Boosam
Kiran Boosam
Vice President, Global Insurance Industry Strategy and Portfolio Leader, Capgemini Financial Services
Keith-Gage
Keith Gage
Global Head of Insurance, Capgemini Invent
Thierry Loras
Thierry Loras
Insurance Practice Lead, FS France & Continental Europe
Elias-Ghanem
Elias Ghanem
Vice President and Global Head, Capgemini Research Institute For Financial Services
Luca-Russignan
Luca Russignan
Insurance Domain Leader, Global FS Market Intelligence

Executive Steering Committee

Eduard-Fabian
Gellert Eduard Fabian
Chief Information Officer, Information Technology, APAC
Chubb Asia Pacific Pte Ltd
Bryan-Falchuk
Bryan Falchuk
President & CEO
PLRB
VANESSA-GOVI
Vanessa Govi
Group Chief Digital Officer
ALD SA
Luke Harris
Luke Harris
Vice President, Innovation
USAA
Mike-kish
Mike Kish
Head of Corporate and Business Development
State Farm
Edouard-de-Lamarzelle
Edouard de Lamarzelle
CEO, Stellantis Insurance
Stellantis
Giacomo-Lovati
Giacomo Lovati
Cheif Beyond Insurance Officer
UnipolSai S.p.A
Shaughn-McCluskey
Shaughn McCluskey
Global Industry Specialist – Insurance
AWS
roger-odle
Roger Odle
Executive Vice President, Head of Insurance and Distribution
AAA – The Auto Club Group
Jean-Marc-Pailhol
Jean-Marc Paihol
Head of Global Strategic Partnerships
Allianz
larry-rask
Larry Rask
Vice President, Global Sales and Business Development
Arity
Tracy-Riley
Tracy Riley
SVP, Chief Insurance & Technology Officer
Wawanesa Insurance
Jean-Charles-Velge
Jean-Charles Velge
Co-Founder
Qover

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