Novarica’s annual report on emerging tech adoption in insurance links adoption rate to ease of integration with current processes
Boston, MA (Jan. 12, 2021) – While some insurers may be narrowing their innovation focus, anticipating a leaner 2021, as a whole the industry is pursuing new technologies that can help them sell more, manage risk better, and cost less to operate. In its latest annual 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 CIO members of the Novarica Research Council.
“The value of embracing emerging tech comes from applying it to improve existing business processes or capabilities. Insurers need to be open to the reality that getting maximum value from their innovation investments may require them to rethink how their existing businesses operate,” said Matthew Josefowicz, President and CEO of Novarica, and lead author of the report. “Likewise, solution providers who develop these technologies should be aware that the ultimate success of their products may depend not on how powerful they are but on how useful they can be.”

Among the key findings of the report are:
- RPA and chatbots continue to expand. These technologies are easy to drop into existing processes and provide clear value, so they’ve been widely adopted over the past several years.
- Artificial intelligence and big data remain areas of intense activity. Deployment has increased for most capabilities; these remain the most-piloted technologies for 2021.
- Life insurers narrow pilot focus. Less proven technologies are seeing less experimentation as life insurers balance analytics investments against new priorities for digital experience.
Click here for the table of contents or to access the report.
Report Summary
Insurers are actively experimenting with emerging technologies like artificial intelligence, big data, chatbots, drones, Internet of Things, low-code/no-code platforms, robotic process automation, smart assistants, telematics, and wearables. Some insurers may be narrowing their innovation focus as they anticipate a leaner 2021. Still, as a whole, the industry is pursuing new technologies that can help them sell more, manage risk better, and cost less to operate.
This report analyzes a study of more than 100 insurer CIO members of the Novarica Insurance Technology Research Council
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. Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council. Its advisory services provide enterprise phone and email consultations on any topic for a fixed annual fee. Consulting services range from assessments and strategic roadmaps to vendor evaluations. For more information, visit www.novarica.com.
Source: Novarica
Tags: Artificial Intelligence (AI), Big Data, chatbot, emerging technologies, low code / no code, Novarica, Robotic Process Automation (RPA), technology investment