Technology in Insurance
Adoption of Analytics, SaaS, Mobile Continues to Grow for Insurers
Novarica's 4th Annual Emerging Technology Study
Boston, MA (Jan. 11, 2017) – While deployment rates vary across the industry, more and more insurers are adopting new technology. According to the 4th annual emerging technology report by research and advisory firm Novarica, one in four insurers is planning a pilot in Analytics, SaaS, or Mobile in 2017, while the use of Social Media for data analysis has more than doubled since 2014.
Novarica's latest report – “‘Hot Topics’ for Insurers: Social, Mobile, Analytics, Big Data, Cloud, Digital, and IoT/Drones” – is based on a survey of 91 insurer CIOs, and tracks deployments in seven key technology areas: social, mobile, analytics, big data, cloud, digital, and IoT/drones.
"These seven are often lumped together as ‘emerging technology areas’ by insurers, although they share little else in common," said Matthew Josefowicz, President and CEO of Novarica. "They cross consumer media and communications (social), technology platforms (mobile and cloud), tools (analytics some parts of big data, IoT, drones), and strategy (digital). But they all enable potentially disruptive changes in insurance value chain."
Current deployment of “hot topic” areas for insurers (Novarica)
Novarica helps more than 90 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its clients include more than 90 property/casualty and life/annuity insurers. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of nearly 400 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com.
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