Insurers Identify Key Emerging Tech for P&C Insurance Transformation

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New SMA Report Tracks Projects, Investments, and Impact of 13 Technologies

Boston, MA (Nov. 29, 2017) – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report: Emerging Technologies in P&C Insurance: Insurer Strategies and Plans Through 2020. 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. For each area, the plans of personal lines and commercial lines insurers are discussed separately.

Research findings include the following:

  • Artificial intelligence technologies have moved to the forefront for P&C insurers. AI is now a “Power Player” technology with high levels of activity and potential impact.
  • Drones are the top technology in terms of strategy development, piloting, and deployment for both personal and commercial lines insurers. Approximately one-quarter of P&C insurers have already deployed drones.
  • Insurers expect emerging technologies to play a key role in transforming virtually every area of the value chain. The report identifies the top technologies for each business area in personal and commercial lines.

“Interest and activity related to emerging technologies has picked up for both personal and commercial lines insurers,” said Mark Breading, SMA Partner and author of the report. “The level of strategies and pilot activities underway along with future investment plans indicate that emerging technologies will be critical elements in the transformation of the industry.”

Insurers, solution providers, InsurTech companies, agencies, and media that are interested in learning more should contact Mark Breading at [email protected]com or 614.562.8310.

SMA Research Report Emerging Tech PC

Access the report.

 

About SMA

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)

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