Before undertaking any major investments in new technologies or making any major changes, insurers should take a close look at their workforce. (Photo: Shutterstock)
Property & casualty insurers continue to make significant investments in both foundational and emerging technologies and are seeing significant operational efficiencies achieved in the middle and back offices as a result. While these efficiencies should be lauded, P&C insurers should keep their eyes on the real prize: using technology to enhance customer relationships and boost growth.
Oxford Economics and Accenture recently surveyed global insurance technology executives (chief technology officers, chief information officers and vice presidents) to better understand how technology is remaking the insurance industry. The results revealed that insurers expect their technology focus to shift from cost reduction towards developing customer-facing applications that boost growth, as well as customer satisfaction and engagement.
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