Annual report on emerging tech adoption analyzes a survey of 28 insurer CIOs across nearly a dozen relatively new technology areas
Emerging technologies can enable life/annuity/benefit (L/A/B) insurers to sell more, manage risk better, or improve efficiency, but those technologies can also threaten disaggregation or create new ways of doing business insurers must address. In a new Impact Report, Emerging Technology For L/A/B Insurers 2022: Artificial Intelligence, Chatbots, Cloud Computing, Unstructured Data, and More, research and advisory firm Aite-Novarica Group analyzes a survey of 28 insurer CIO members of the Aite-Novarica Insurance Technology Research Council to help L/A/B insurers track adoption rates, planned pilot activity, and use cases across nearly a dozen relatively new technology areas.
“Insurers regularly experiment with emerging technologies to find more efficient and more effective ways of managing information, workflow, and risk,” said Harry Huberty, Head of CIO Research at Aite-Novarica Group. “Carriers should broadly keep in mind that technology can only create value in proportion to how it’s actually used. Workflows, processes, or even products may need to be reconsidered for a new tool to have maximum impact.”
“There is a danger of ‘paving the cowpath’ by using new tools in legacy processes, especially those that were formerly governed by legacy technology limitations,” adds Robert McIsaac, Head of Life Insurance, Annuities, and Benefits at Aite-Novarica Group and contributing author to the new report. “Carriers should continue to invest in technologies with clear value but realize that many technologies, especially artificial intelligence and machine learning, take years to come to full maturity, so underinvestment has compounding effects.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.