Benefits of InsurTech Capabilities

Insurance is undergoing a technology renaissance as a wave of emerging InsurTech capabilities begins to make its mark on virtually every aspect of the insurance process. Adopting these InsurTech capabilities stands to benefit insurers in numerous ways. Of all the possible benefits, insurers overwhelmingly agree that developing InsurTech capabilities will help them better meet customers’ evolving demands (75.0%). They also strongly agree that InsurTech capabilities will help them speedily design personalized products (52.7%), improve profitability (44.6%) and improve operational efficiency (40.8%).

Benefits of InsurTech Capabilities

Emerging Technologies - Top Priorities

Emerging technologies are acting as catalysts for the InsurTech revolution, enabling insurers to transform their business and operating models. Of all such emerging technologies, insurers have rated advanced analytics as the most important, with 82.8% including this technology in their top four priorities. This is followed by connected devices (72.4%), Artificial Intelligence (69.0%), and Robotic Process Automation (63.2%).

Emerging Technologies - Top Priorities

Emerging Technologies - Investment Time Frame

The insurance industry’s investment strategy for emerging technologies closely reflects its importance attributed to each technology. Accordingly, advanced analytics, connected devices, and Robotic Process Automation are believed to be already garnering investment from at least 50.0% of the industry. Technologies expected to draw considerable investment in the next 1-3 years include Artificial Intelligence, blockchain and robo-advisors.

Emerging Technologies - Investment Time Frame