Emerging Insurance Technologies
New technologies have provided great benefits over the years to insurers, enabling IT to provide expanded functionality, greater efficiencies, and increased performance. In some cases, it changed the way insurers interact with customers, agents, and regulators.
This inaugural version of the report, Emerging Insurance Technologies: General (P&C) Insurance Industry Edition 2011, bridges the gap between business and technology. It examines the technologies and system features that are changing the face of the insurance industry and links them to their predominant business benefits. The report also measures how ready certain technology is for the insurance industry or, perhaps, how prepared the industry is to take on the technology. The end objectives are to increase the understanding of technology potential for business insurance executives and to strengthen the alignment of technology initiatives to desired business results.
This current snapshot demonstrates that portal technology, business process management, and fraud scoring have been widely adopted by insurers. Big data, use of social data for underwriting pricing and decision-making, and cloud platforms for core systems are still in the evolution stage.
“The ability for insurance companies to determine which emerging technologies are gaining adoption is a significant step in budget decisions,” says Michael Fitzgerald, Senior Analyst with Celent’s Insurance group and an author of the report. “Insurers make technology choices based on business strategy and the actions of their competitors.”
“Several technologies that have matured in other industries, such as BPM and rules, are gaining adoption, while a few newer technologies, such as mobile, are quickly gaining traction,” adds Craig Beattie, an Analyst with Celent’s Insurance group and an author of the report.
“Carriers need to not only understand the adoption level of an emerging technology in the industry, but also which business levers the technology addresses,” adds Ben Moreland, Senior Analyst with Celent’s Insurance group an author of the report. “This report provides exactly that information.”
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].
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