Although insurers show a willingness for change, they are struggling to build a solid technology foundation as only 28% of insurers think tech and business goals are in sync, according to a recent report from State Street, a Boston-based financial services provider.
The survey of more than 300 insurers found that 78% of respondents face growing demand from their customers to invest in new technology, which is more pressure than what is put upon insurers for business expansion, new regulations and competitors' actions.
To meet new technology, insurers are investing in relationship management systems (58%), social media tools (57%) and technology that captures new customer data (50%).
"As insurers deliver tailored solutions driven by big data to consumers, they must also convert investment information into actionable insights for their portfolios," says Pete Thurmond, head of insurance sector solutions, North America at State Street. "To bridge the digital divide, both technology and business managers must be proactive in proposing innovative solutions, prioritizing technology advancements and offering actionable data and to support these changes to investment strategy."
State Street compiled this infographic, based on the "Platforms for Growth: Technology Innovations in the Insurance Business" survey, which details facts and figures that will help insurers fuel growth, build better relationships and move into new markets using technology (Click the inforgraphic to expand)
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