Data and analytics tools considered best for meeting customer needs

Data and analytics technology is the primary means by which property and casualty (P&C) insurers believe they will meet the needs of their customers over the next two to three years, according to Aite Group.

The advisory firm’s research found that 79% of insurers felt data and analytics will have a big impact on their business, products and services. Only 4% thought it would have no impact.

The report added that technology in general is forcing more transformation in the insurance industry than ever before. It claimed, however, that technology vendors need to do more to meet the needs of insurers.

The report said: “Vendors need to do a better job of aligning their solutions with P&C insurance carrier needs - as carriers attempt to balance multiple competing priorities, some insurance technology vendors are focused more on selling and describing what they already provide than on offering what the market really needs. Vendors must pay less lip service and more attention to delivering real innovation to their P&C insurance clients.”

The report added that next generation technologies, such as telematics, were also considered likely to have a big impact by 74% of insurers. A further 74% believed customer experience management was very important while 44% thought the same of cloud computing initiatives.