Seven technology trends affecting insurance agencies

The Agents Council for Technology (ACT) has released a list of seven key technology trends affecting insurance agencies.

The Agents Council for Technology (ACT) has released a list of seven key technology trends affecting insurance agencies.

A division of the Independent Insurance Agents & Brokers of America, ACT said that agencies should carefully evaluate the trends which included mobile, social and security technology.

Ron Berg, ACT executive director, said: “Although these technological developments and trends often present challenges, they’re also blooming with opportunities for agencies to build their business and provide better service.”

The seven trends identified include:

1. Mobile first. This will enable cultural transformation and recognise the emergence of the connected consumer.
2. Social culture and digital transformation. This reflects the broad influence and impact wider technology trends are having on society.
3. The connected society. Insurers need to recognise that connectivity is expanding from consumers to business and even ‘things’.
4. Demographic segmentation and personalisation. ACT said this trend encompasses diversity in every sense of the word: age, ethnicity, culture, gender and connected vs non-connected.
5. The growing availability of big data and actionable business intelligence (BI). The study said new technologies and techniques are enabling the capture and analysis of more and more data (big data).
6. The changing nature of insurance risk. Insurers should acknowledge how changing social norms, climate change and all of the trends noted above are changing the types of risks that consumers and businesses are facing.
7. Information security and privacy regulation. ACT said the costs of data breaches will become more expensive to businesses but growing risks also create opportunities for carriers and agents.