The ACORD U.S. P&C Value Creation Study summarized results for the two types of value creators—sustainable and hollow value creators—and for value destroyers by company size (premium volume), line of business mix, as well as digital maturity and spend. In addition, it presented breakdowns of loss and LAE and expense ratios for the three cohorts. (Read more about the study in related article, “Digital Maturity: The Path to Sustainable Value Creation”)

In a separate study, ACORD’s “2020 Insurance Digital Maturity Study” published in August last year, ACORD found that among the 130 largest worldwide insurers, fewer than 30 percent have truly digitized the value chain while 13 percent are not leveraging digital technologies within their current business processes. In addition, more than half were still exploring how digitization can be applied against their business model.

Sources: The ACORD U.S. P&C Value Creation Study, February 2021; ACORD 2020 Insurance Digital Maturity Study white paper, August 2020