Insurers are engaged, but it’s time to pick up the pace: SMA research report by Mark Breading
Boston, MA (Sept. 16, 2016) – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report: Emerging Technologies in P&C Insurance: 2016 and Beyond.
This research report is based on a survey of P&C insurance executives in North America. The report covers insurers’ plans for developing strategies, piloting, and deploying 13 key technologies, such as the Internet of Things, blockchain, drones, artificial intelligence, and others. Investment plans for the next three years are revealed, along with insurer expectations regarding the timing and magnitude of industry change likely to result from each technology.
“A wide range of emerging technologies have big implications for P&C insurers,” said Mark Breading, SMA Partner and author of the report. “Insurers should consider how these technologies will affect risk, the customer experience, and operations.”
Research findings include the following:
- The Internet of Things dominates P&C activity among 13 key emerging technologies, ranking as #1 in strategy development, project activity, investment, and expected industry impact.
- Over 50% of P&C insurers are investing in each of the 4 “Power Player” technologies: the Internet of Things, drones, driverless vehicles, and new payment technologies.
- Artificial intelligence and blockchain activity in insurance are gaining momentum and are expected to be a force over the next 3-5 years.
- Gamification, semantic technologies, and wearables are also among the “Fast Movers” and are expected to have significant impact within 3-5 years.
Breading said, “Insurers believe that many of these technologies have the power to transform the industry within 3-5 years. While the activity, investment levels, and urgency are high by industry standards, it is still not enough to keep pace with the changes that are unfolding.”
Insurers, InsurTech companies, venture capital firms, agencies, and media that are interested in learning more should contact Mark Breading at [email protected] or 614.562.8310.
Exclusively serving the insurance industry, Strategy Meets Action (SMA) is an advisory services firm offering retainers, research, consulting, events, and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com.
SOURCE: Strategy Meets Action (SMA)