Property Casualty Insurers Weighing in on Emerging Technologies
Technology and process innovation continues to come on stream at an increasing pace. In the last 10 years, the acceleration of innovation has permanently affected the way that consumers and companies interact--just think about what the iPhone, Amazon and now COVID-19 have done to our behaviors and expectations over this period of time. Continual innovation in process and technology is required to compete in such an environment.
Implementing innovative and emerging technologies is important to attaining many strategic business objectives. But insurers are confronted by myriad technology choices every year. Which are promising? Which are hype? Which will provide real business value that aligns with business strategy?
They also are interested in who is actually adopting these new “hot” technologies. Given limited resources, insurers are faced with numerous choices about where to place their technology bets.Insurers’ approach to emerging tech prioritizes technologies that will deliver their chosen business strategy most rapidly and effectively. They’re hyper focused on what customers want and what competitors are focusing on. Useful information to guide these decisions can be difficult to obtain. There is no lack of technical information related to “speeds and feeds.” However, many times an overly technical view only widens the gap between business and IT.
“Growth” has been the word the past decade, with steady economic expansion underpinning market gains. These gains have been supported by innovation and a corresponding technology arms race.
Rather than another top 10 list of technologies, this report seeks to filter and highlight emerging technology solutions of particular interest to both the technical and business communities of the insurance industry.
Insurers are leveraging a range of tools, from consumer-facing solutions like collaboration and video, to robotics, AI, and other cross-industry types of enablers, to reinvent the way they do business. Realization of this new operating model will require balancing the use of emerging tools like AI with technology-driven groundwork to support pricing, product, and customer strategies.