The insurance industry has welcomed the advancements of technology and has continually been among the leading buyers of technology.
From the advent of the earliest insurance systems to modern state-of-the-art application suites, the one constant is that the insurance business continues to move through financial cycles, business cycles, changes in our culture, demographics, regulations, work processes, and products. Many of these changes require the acquisition of new technology or systems. In the area of insurance technology, one area that stands out is the overall need for technology to be flexible, adaptable, and designed for an unknown future.
The industry's focus on technology is necessary because of the rapidly changing business and consumer insurance marketplace — but it does cause concern in the executive ranks. Insurance CEOs recognize the importance of technology in their business, but they don't want to be known as a technology company that happens to sell insurance. They would much rather be insurance companies that effectively use technology to help the company grow and meet strategic objectives.
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