“Today’s new technologies are tomorrow’s basic capabilities.
Insurers may perform “innovation theater” but many are unlikely to be prepared when the next decade of change sneaks up on them.
Long considered laggards in the digital economy, the insurance industry is beginning to make up for lost time.
IT is the largest single expense area for insurers besides claims and commissions.
While total spending levels and patterns are roughly consistent with prior years, there are some important changes emerging.
The insurance industry is always grappling with how to best understand and leverage emerging technology – including big data, IoT, and AI – in an incremental fashion while continuing to maintain and manage their existing systems.