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%).
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