CNA Financial Corporation - Digital Transformation Strategies

CNA Financial Corporation - Digital Transformation Strategies

Summary

This report provides insight into CNA Financial Corporation’s fintech activities, including its digital transformation strategies, innovation programs, technology initiatives, estimated ICT budget, and major ICT contracts.

CNA Financial Corporation is an insurance holding company that offers commercial property and casualty insurance products. It offers insurance products for general liability, management liability, professional liability, directors and officers, workers’ compensation, marine, and business interruption. It also offers surety and fidelity bonds, and commercial auto insurance. It offers services such as risk management, warranty, and claims administration. It markets and distributes its products to professionals, SMEs, large businesses, associations, insurance companies, and other groups through a network of brokers, independent agents, and managing general underwriters. The company operates in the Americas and Europe.

Scope

• CNA uses data analytics and modeling techniques to estimate and analyze loss trends, exposures, and other risks associated with its assets and liabilities. This includes proprietary and third-party modeled outputs and analysis that aids decision-making with regards to pricing, underwriting, reserving, capital allocation, and reinsurance.
• In 2018, CNA entered into a three-year agreement with Atos to develop a cloud-based IT operations infrastructure. This involved migrating its legacy applications to the Atos Canopy Orchestrated Hybrid Cloud platform, shifting its legacy mainframe to a consumption-based model, and the deployment of a digital workplace.
• CNA utilizes various cyber risk management strategies to secure data and IT infrastructure internally and for its clients.
• In 2018, CNA (along with two other anchor investors) committed $75 million to the MTech Capital venture fund.

Reasons to Buy

• Gain insights into CNA Financial Corporation’s tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into its various product launches and partnership strategies.