Insurance

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%

39% of insurers say their top strategic priority is targeting new customer segments in existing markets.

Evolving
Investment Strategies

Increasingly complex portfolios require advanced risk and performance analytics.

51%

More than half of insurers experience difficulty in hiring knowledgeable, qualified staff in risk management.

58%

Only 58% of insurers are very confident their current technology platforms can support changes to their investment portfolio.

Achieving
Growth

Unlocking new customer segments requires fresh insight from data - and significant investments in technology.

78%

More than three-quarters of insurers say changing customer demands are a major driver of technology investment for their business.

22%

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.

28%

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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Contact us to learn more about how we can help your insurance company be a technology innovator.

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Explore our other research:
Facing the Future: Blueprint for Growth
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