Life Insurers Weighing In On Emerging Technologies
Technology and process innovation continue to evolve at an amazing pace. In the last decade, 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 behaviours and expectations over this period of time. The acceleration of change is driven by technology and continual innovation in process and emerging technologies are a catalyst in such a rapidly advancing environment.
For today’s insurer, implementing innovative and emerging technologies is imperative, not only for attaining many strategic business objectives, but to stay competitive. Although there is a new wave of investment in core technologies by life insurers of late, they must continually sift through a myriad of complex technology choices every year. Of course, these choices are primarily aligned to business value, but the challenge is still to determine which are promising? Which are hype? Which will provide real business value that aligns with business strategy?