Platforms for Growth: Technology Innovations in the Insurance Business
A wave of technology innovations is transforming the insurance industry. While legacy IT issues persist, many insurers are investing in technology to understand new customer segments, design innovative products and upgrade investment tools. The State Street 2014 Insurance Survey, conducted by the Economist Intelligence Unit, reveals the steps to becoming a technology innovator — and the barriers to overcome along the way.
The Data Challenge
Technology innovators will meet the “big data” challenge by overcoming legacy IT issues, integrating multiple sources of data and transforming data into actionable insight.
39% of insurers say their top strategic priority is targeting new customer segments in existing markets.
Increasingly complex portfolios require advanced risk and performance analytics.
Let's Talk Technology
This playlist, created through our partnership with TED, shows the massive impact of innovation — and how looking at old problems in new ways can change everything.
Only 58% of insurers are very confident their current technology platforms can support changes to their investment portfolio.
Unlocking new customer segments requires fresh insight from data - and significant investments in technology.
More than three-quarters of insurers say changing customer demands are a major driver of technology investment for their business.
Only 22% of respondents in non-technical roles strongly agree that technology managers are proactive in proposing new, innovative solutions.18%
Only 18% of technical managers strongly agree that senior leaders in their company give technical initiatives the priority they deserve.
Only 28% of insurers agree that their technology strategy is completely aligned with their business' top strategic priority.
Investing in Customer Insight
As insurers plan their investment in emerging technologies over the next three years, their top three priorities are:
- Improved customer relationship management systems
- Social media tools to build stronger engagement
- Technology to capture new customer insights
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