Annually, Celent examines the business priorities, IT budgets, and investments being made by North American P/C insurance company technology executives. Celent publishes similar reports on EMEA, Asia-Pacific, and Latin America.
In November and December 2024, Celent distributed an online survey to North American property/casualty insurance company technology executives, across both individual and group lines. While the survey was reasonably short, it covered a broad range of topics, including business priorities, IT budgets, investment plans, SaaS adoption, and open insurance. Results are presented in aggregate and across large, midsize, and small insurer cohorts. Insights from conversations with insurance technology leaders have been blended into the analysis of the survey data.
The 2025 report captures a P/C insurance industry that faces a range of challenges, but is looking to meet them head-on. Summary findings from the report include:
- The key business goal for P/C insurers in 2025 is to grow, efficiently. More than 40% of insurers cited growth and operations streamlining as primary goals for this year.
- IT budgets are still the primary limiting factor. Insurers have the skills they need to deliver on business goals, but bandwidth is limited against large project agendas.
- Insurers will invest aggressively in data, with up to 60% planning 2025 investments in capabilities like reporting and generative AI.
- On average, insurer IT budgets continue their upward trend, with a slight rise in funding from 2024 to 2025. Smaller insurers' budgets will stay level or contract slightly.
