Sector Insights

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Technology Innovations in the Insurance Industry

October 2014

A wave of technology innovations is driving major changes across all aspects of the insurance industry. Companies are facing opportunities and challenges as they look to understand new customer segments, design innovative products and upgrade investment tools.

To truly be a technology innovator, insurers must meet the data challenge by overcoming legacy IT issues and transforming data into actionable insight. Are insurers ready for this new, technology-driven environment? And are their business and technology needs aligned for success?

Our research reveals the steps to becoming a technology innovator — and the barriers to overcome along the way.

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About the Research

In June and July 2014, the Economist Intelligence Unit conducted a survey, commissioned by State Street, of 321 insurance executives. They represented asset management (18 percent) and non-asset management (39 percent) sides of the business, as well as those whose role spans across the business (42 percent). Respondents were primarily diversified insurers (72 percent), with 13 percent from the life business and the remainder from health, property and casualty, and reinsurance. Global respondents included 36 percent from Europe, Middle East and Africa (EMEA); 34 percent from the Americas and 30 percent from Asia Pacific.

To truly be a technology innovator, insurers must meet the data challenge by overcoming legacy IT issues and transforming data into actionable insight.