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Digital Transformation in Lean Times: A New Blog Series from OwlSurance

“Digital transformation” has been a key mandate for the P&C insurance industry for over 25 years, but Verisk and APCIA just released industry data that puts a different spin on it. The news isn’t great – so it’s more important than ever to prioritize high-impact digital initiatives that won’t hurt your bottom line.
2022 wasn’t a good year for the P&C insurance industry, according to newly released financial results from Verisk and American Property Casualty Insurance Association (APCIA) reported a variety of data points that show losses increasing at a startling rate while income is falling.
  • Overall underwriting loss is the highest it’s been since 2011, at a staggering $26.9B. That’s more than a sixfold increase over losses in 2021.
  • At the same time, net income decreased by more than a third. Other key indicators including surplus, combined ratio, incurred costs and loss adjustment expenses are also worrying in light of increasing natural disaster exposure and inflation.

As lousy as these results are, there’s still good news for insurers. Digital transformation is a way of investing in efficiency, cost reductions, and staff satisfaction as well as staying up to date with technological advances.

A tight financial situation forces companies to focus their spending on the most important projects. It’s easy to forget that digital transformation can be tackled in smaller, more manageable chunks rather than as a single juggernaut initiative.

In fact, that’s the smartest way to do it! You can still impress your customers and prospects and further your digital savvy – without breaking the bank.
In our new blog series, we’ll lay out actionable recommendations for low-cost, high-impact ways to better leverage your existing technology.

Upcoming topics include:

  • SEO for non-experts
  • Leveraging industry influencers
  • Collaborative customer acquisition

We’ll also discuss easy technological improvements to increase automation, including straight-through processing, and speeding product launch and maintenance with repeatable processes.

The bottom line is that possibilities abound to leverage technology without hurting your bottom line.

1 See Reinsurance News for more details on the new industry data from Verisk and APCIA reported March 30, 2023.

About OwlSurance

At OwlSurance, a cloud business unit of ValueMomentum, Inc., we offer a unified data platform because we believe in the power of unified data to transform how people do business. Let us help accelerate your data journey with the right technology and the expertise you need to put it to work for you. For more information, visit us at