Industry News

Technology spending by insurance firms is exceeding the IT budget

A significant proportion of the technology investments made by insurance companies are occurring outside the IT budget, according to research by SMA.

Predictive analytics systems are becoming standard for insurance firms

The vast majority of companies in the insurance industry are now using predictive analytics software, research by ISO has revealed.

Mobile technology in insurance is maturing

Mobile technology for the insurance industry is maturing as digital teams demand more sophistication and improved result measurements, according to Forrester.

Growth opportunities encourage insurance firms to invest in technology

Confidence in the business outlook will see the majority of financial service firms invest in information technology over the next 12 months, according to a new report by the CBI and PwC.

Businesses need to adapt to the new Digital Industry Economy

Businesses which are at the forefront of cloud, mobile, social and data innovations will lead the new Digital Industry Economy, according to Gartner.

Half of UK drivers are interested in insurance telematics technology products

Half of UK drivers would be willing to embrace telematics-based insurance products, according to consumer research by Towers Watson.

Insurers are increasingly investing in mobile technology

Insurers should follow the lead of banks and financial services companies and invest more in mobile apps, according to Celent.

Insurers need to address legacy systems

Life insurers need to address legacy insurance systems if they are going to remain competitive and meet compliance requirements, Ovum analyst Charles Juniper has claimed.

Regulation in the insurance industry prompts tech investments

Regulatory changes in the insurance industry may prove to be a catalyst for investment in innovative technology systems, according to a new report by Clear Path Analysis.

Insurers are increasingly investing in big data solutions

Insurers are increasingly investing in big data solutions in order to improve product modelling, underwriting and marketing, according to Novarica.

Insurers need to consider the impact of technology disruption

Insurers are overlooking the operational disruptions caused by technology outages and software failures, according to Marsh Risk Management Research.

Insurance firms no longer cutting IT costs as they pursue growth

The insurance industry stance on IT projects has shifted from cost cutting to strategic investments in operational efficiency and new revenue growth, according to Ovum.

Improving customer experience is crucial if insurers are to increase revenues

Customer experience is central to many insurers’ plans to increase business revenues, according to a new report by Strategy Meets Action.

Legacy technology is hindering the insurance industry

Insurance CIOs believe legacy technology is hindering innovation within their business, according to Sam Medina, head of strategy for insurance at Tata Consultancy Services.

Analytics tools are giving insurers a competitive edge

The adoption of new analytics technologies is giving insurance firms a competitive edge when responding to changes in consumer behaviour, according to the managing director of Global Insurance Industry for Accenture.

IT and marketing not working close enough together

A disconnect between IT and marketing is preventing firms from providing an effective customer experience, according to a study by Accenture.

Greater collaboration needed to maximise the value of technology

IT executives in the insurance industry need to team up with their business and marketing peers in order to maximise the value of technology, according to the Deloitte Insurance Tech Trends report.

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.

Technology investment required to stay competitive

Continued investment in technology is imperative if insurers are to stay on top of the competition, according to Strategy Meets Action (SMA).

Digital and social media channels are influencing insurance buying

Digital and social media channels influence 40% of insurance shopping decisions during the consideration phase, according to a McKinsey study of the motor insurance industry in the US.

Insurers look to IT systems to deliver cost reductions

As insurance companies look to reduce costs they will need to consider consolidating their IT systems, according to the State Street 2013 Insurance Survey.

Insurers need to reassess how they use technology to tackle fraud

Professional insurance fraud is a growing problem and effective fraud detection is an urgent priority, according to Ovum.

Insurers are ill equipped to meet emerging technology trends

Many insurance companies feel inadequately prepared to face the technology trends which will impact the industry in coming years, according to a Towers Watson insurance survey.

Small commercial insurers need to go online

Small commercial insurers need to prepare for a significant portion of customers wanting to go online to buy direct within the next five years, according to insurance research and advisory firm Novarica.

Insurers to increase spend on data and analytics technology

The vast majority of insurers plan to increase their spending on data and analytics technology, according to a study by Strategy Meets Action.

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