New Study of More than 100 Insurers Finds Emerging Tech Deployment Still Rare, But Poised for Growth in 2018 and Beyond
Staff Writer | January 16, 2018
In its latest report, Emerging Technology in Insurance: AI, Big Data, Chatbots, IoT, RPA, and More , research and advisory firm Novarica analyzes the results of a study of more than 100 insurer CIOs and tracks deployment and pilot plans across a dozen new technology areas classified as "emerging": artificial intelligence, augmented and virtual reality, big data, blockchain, chatbots, drones, mobile, predictive analytics, robotic process automation, sensors and telematics, smart home, and wearables.
Among the key findings of the report:
- The most pilot activity is in digital and analytics areas like artificial intelligence, big data, sensors, drones, RPA, and chatbots. Insurers are looking to these technologies to improve risk selection, claims, service, and operating efficiency.
- Property/casualty insurers are more likely to focus on underwriting and claims, while life/annuity insurers are more focused on marketing and service when leveraging emerging technologies.
- Areas with low consumer adoption aren't generating much interest from insurers yet. Augmented and virtual reality, blockchain, smart home automation, and wearables are still over the horizon for most insurers.
"Technology changes faster than culture and practice at most insurance companies-insurers that want to fully leverage the capabilities enabled by emerging technology should look at their products and processes in the light of new technical, market, and customer realities," said Matthew Josefowicz, President/CEO of Novarica, and lead author of the report. "The growth of these capabilities should lead to improved risk selection, streamlined processes, and better business results for insurers in 2018 and beyond."
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