Machine learning allows paper files to be quickly scanned, digitized and categorized to create a database to support more personalized insurance plans and better risk assessments. (Photo: MY stock/Shutterstock.com)
Business transformation is driven by a shift to digital and tech developments that have proven to raise efficiency, effectiveness and satisfaction among stakeholders. In fact, according to an executive survey by Accenture, more than 60% of insurers feel technology has had a positive impact on their underwriting processes. An even higher percentage feel it will significantly affect risk management, distribution and finance.
Still, there's a lot in this realm for executives to consider, particularly chief information officers (CIOs), and some areas show more promise than others. To sort the "hits" from the hype and pinpoint the most impactful, we've identified the following four tech trends in insurance that CIOs need to keep an eye on (along with a few tips).
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