Novarica’s newest report reviews developments and barriers to adoption, along with implications for customer experience
Boston, MA (June 23, 2016) – Insurers’ maturity in digital and data analytics capabilities are starting to outpace their core systems, and maturity levels across the industry vary dramatically, especially between larger and smaller insurers, according to a new capabilities benchmarking study of more than 80 insurers published today by research and strategic advisory firm Novarica.
Some of the other findings from the reports include:
- Digital and data capabilities are more advanced than core, reflecting both the priorities to deliver and the relative complexity of deploying new capabilities.
- Large P/C insurers are investing in digital and data in marketing and distribution, the areas where they currently lag, having invested heavily in underwriting and claims.
- Midsize life insurers lack several digital distribution capabilities that are deployed by nearly a third of larger companies.
Each report includes more than 50 figures analyzing deployment rates of 100 technology-enabled business capabilities that represent the “new normal” for insurers. These capabilities span product, marketing, distribution, underwriting, customer engagement, billing, claims, and finance/operations functions as well as digital, data and analytics, and core technology areas. The reports also provide a benchmarking tool for insurers to determine their own maturity levels.
Novarica will be presenting the findings from these studies in a webinar on July 20 at 1 PM EST. Interested participants can register here.
Novarica helps more than 80 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its clients include more than 80 property/casualty and life/annuity insurers. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of nearly 400 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com.