Analytics and mobile are the top priority technologies for insurers this year, according to a recent report from Strategy Meets Action (SMA). Expect heavy investments in business intelligence and analytics, as commercial lines carriers leverage predictive models and big data to improve underwriting and claims. Half of all personal lines insurers have major mobile projects planned, with 21% expecting to launch new apps in 2014, SMA says.
SMA's report, “2014 Insurance Ecosystem: Insurer Technology Spending, Drivers and Projects” indicates that there is growing optimism in the insurance industry and insurers are aggressively positioning themselves toward growth and transformation.
“Our research highlights an unmistakable trend in the insurance industry–IT initiatives are having a broader impact on companies than ever before. Five years ago, only 13% of insurers told us that their companies were in transformation mode. Now 32% say they are transforming, largely enabled by major IT initiatives,” said Deb Smallwood, SMA founder and one of the report's authors.
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