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Industry Landscape
The P&C insurance technology industry is undergoing rapid digital transformation, driven by the need to modernize legacy systems, enhance customer experience, and improve operational efficiency. Cloud-based SaaS solutions, low-code platforms, and AI/data analytics are pivotal in enabling agility, accelerating product innovation, and optimizing risk assessment and claims processing for insurers globally.
Total Assets Under Management (AUM)
Insurance Technology Market Size in United States
~Approximately 12.3 billion USD (2023)
(15.7% CAGR)
- Driven by increasing adoption of cloud-based solutions.
- Focus on data analytics and AI for improved operations.
- Growing demand for automation and efficiency in underwriting and claims.
Total Addressable Market
12.3 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Agentic AI
Agentic AI, or autonomous AI agents, can automate complex tasks, from intelligent underwriting decisions to proactive claims handling, by interacting with various systems and data sources without constant human intervention.
Generative AI for Content & Customization
Generative AI can create personalized policy documents, marketing materials, and customer communications, as well as accelerate the development of new insurance products and features through automated code generation for low-code platforms.
Blockchain for Trust & Transparency
Blockchain technology can enhance trust, transparency, and security across the insurance value chain, facilitating immutable record-keeping for policies and claims, and enabling parametric insurance or automated claim payouts via smart contracts.
Impactful Policy Frameworks
NAIC Model Bulletin: Use of AI/ML in Insurance (Proposed, 2023)
The National Association of Insurance Commissioners (NAIC) is developing a model bulletin to provide guidance to state insurance departments on the use of Artificial Intelligence and Machine Learning in insurance, focusing on consumer protections, fairness, and transparency.
This policy will compel insurers to ensure their AI models are explainable, non-discriminatory, and fair, directly impacting how Duck Creek's clients implement and use AI-driven features for underwriting and claims.
New York Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) Amendments (2023)
The NYDFS updated its cybersecurity regulation, strengthening requirements for cybersecurity governance, incident response, and third-party risk management for financial services companies, including insurers, operating in New York.
This regulation requires insurers to enhance their cybersecurity postures and third-party vendor oversight, directly influencing Duck Creek's security protocols and data handling practices as a SaaS provider.
State-level Data Privacy Laws (e.g., California Privacy Rights Act - CPRA, 2023)
Various U.S. states continue to enact and update comprehensive data privacy laws (like CPRA effective Jan 2023), granting consumers more control over their personal data, including rights to access, delete, and opt-out of data sales and sharing.
These laws necessitate robust data governance, consent management, and data portability capabilities within insurance systems, impacting how Duck Creek's solutions manage and process policyholder data to ensure compliance.
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