Property and casualty information and technology leaders cite shifting market needs as the biggest potential disruptor over the next five years, a recent survey states, but insurers can get ahead of the issue by making investments in data and analytics.
In a January study, “Top Five Disruptors in the Next Five Years for Insurers,” Novarica says shifting consumer expectations, including a “diminished customer tolerance for delay and complexity,” mean insurers will have to rethink how they offer their products.
A survey accompanying the survey shows the issue is a top-of-mind concern among 57 P&C IT executives polled. Of five factors presented by Novarica, 42 percent of the chief information officers say “shifting market needs” is the biggest potential disruptor to their business.
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