Other technologies like big data and AI not yet widespread but the pace of technology evolution is increasing: Novarica
Boston, MA (Jan. 7, 2020) – In its latest report, Emerging Technology in Insurance: AI, Big Data, Chatbots, IoT, RPA, and More, research and advisory firm Novarica analyzes a study of over 100 insurer CIOs and tracks deployment and pilot plans across eleven technology areas classified as “emerging.” Among the more common pilots for 2020 involve APIs/microservices, artificial intelligence, augmented and virtual reality, big data, blockchain, chatbots, drones, robotic process automation, smart assistants, telematics and IoT, as well as wearables.
“In order to create value, emerging technologies should help insurance companies to either sell more, manage risk better, or cost less to operate,” said Matthew Josefowicz, President and CEO of Novarica, and lead author of the report. “Over the past year or so, Novarica has found that insurers are focusing their investments and pilot activity on areas like RPA, Chatbots, and APIs that are directly related to moving one of these three levers.”
While APIs, microservices, RPA, and chatbots are proving valuable to insurers, emerging technologies like big data and AI are also capturing interest. Deployment in these areas is increasing as insurers better understand how to leverage these technologies.
Click here for the table of contents or to access the report.

Report Summary
Insurers are actively considering the potential of emerging technologies like APIs/microservices, artificial intelligence, big data, chatbots, drones, Internet of Things sensors, robotic process automation, smart assistants, telematics, and wearables. Other areas like AR/VR and blockchain have lost their luster as business cases failed to materialize. As the new decade dawns, insurers are focusing more heavily on the technologies that can help them sell more, manage risk better, and cost less to operate.This report analyzes a study of over a hundred insurer CIO members of the Novarica Insurance Technology Research Council.
Key Points and Findings
- APIs and microservices are widely deployed. More than two-thirds of all insurers have deployed APIs, and distribution pressures make them increasingly critical for many insurers.
- RPA and chatbots have arrived. RPA is widely deployed, and chatbots are widely piloted. Both are tactical solutions that are comparatively easy to implement and can produce quick wins.
- Big data and AI are becoming mainstream. While not yet widespread, deployment in these areas is increasing as insurers better understand how to leverage these technologies.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 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. For more information, visit www.novarica.com.
Source: Novarica
Tags: API, Artificial Intelligence (AI), Augmented Reality (AR) & Extended Reality (XR), Big Data, blockchain, chatbot, Drones, emerging technologies, GIMO report, Internet of Things (IoT), microservices, Novarica, Robotic Process Automation (RPA), Telematics, trends, virtual assistant, wearables