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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.
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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 operationalize an auto-to-mobility transition.

Insurers seeking to reap tangible benefits can leverage our auto-to-mobility navigational guide that offers ways to operationalize 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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