The majority of insurers are struggling to manage data

More than half of insurance firms are struggling to manage the flow of data across their organisation, according to research by CEB TowerGroup.

The corporate advisor claims 56% of insurers lack confidence in their ability to integrate data within their enterprise. It added that firms are looking to improve their ability to integration through policy administration systems.

“Modern policy administration system attributes include customer information dashboards, which streamline and organise the presentation of customer data for staff that need it, as well as data pre-fill for policy documents and integration with third-party data providers for data that includes address services, geocoding, and loss history,” CEB TowerGroup said.

The advisory firm research also found one-third of insurers intend to adopt or replace their life and annuity policy administration systems by 2018. It added that core technologies continue to be top investment targets for insurers, with 37% of insurance executives expected to increase their spending on this technology by at least 2% over the next two years.

Technology analyst Gartner has also claimed that legacy modernisation will be one of the top 10 technology trends which will impact the life and P&C insurance market in 2014. Other trends include: cloud computing, risk management and compliance solutions, user experience technology, real-time operational intelligence, mobile applications, social and collaboration tools, CRM tools, analytics and business intelligence, and the Internet of Things.