Sixth annual Aite-Novarica 100 Benchmark study of digital, data/analytics, and core capabilities leverages data from 19 life/annuity/benefits insurers
Boston, MA (Sept. 21, 2021) – Life/annuity/benefits insurers have continued to mature over the areas of digital, data/analytics, and core in the last year, with distribution, customer engagement, as well as finance and operations capabilities seeing the largest increases. According to the sixth annual Aite-Novarica 100 Digital, Data, & Core Capabilities for L/A/B Insurers by research and advisory firm Aite-Novarica Group, most deployed capabilities are digital, for improving collaboration, customer communication, and distributor ease of doing business.
“The most-piloted capabilities broadly fall into two categories,” said Harry Huberty, Head of CIO Research and author of the report. “Technologies to improve customer communication and analytics to improve fraud detection, underwriting, and customer targeting. Chatbots are once again the most widely-piloted capability, with nearly half of all life/annuity/benefits insurers conducting or planning a pilot.”
These findings are based on analysis of data collected from 19 life/annuity/benefits insurer CIO members of the Novarica Research Council using the Aite-Novarica 100 Framework, which describes 100 key digital, data/analytics, and core technology capabilities delivered with today’s available technology, across the insurance product and customer life cycles.
Key points and findings for life/annuity/benefits insurers include:
- Average maturity levels increased slightly from 2020. Distribution, customer engagement, and finance and operations capabilities saw the largest increases, spread relatively evenly over the digital, data/analytics, and core areas.
- Digital has wider deployment than data or core. Six of the seven most deployed capabilities are digital, including internal- and external-facing platforms for improving collaboration, customer communication, and distributor ease of doing business.
- Insurers are investing in analytics and customer communications capabilities. Commonly piloted technologies include chatbots, product recommendation engines, and machine learning/AI.
Click here to access the report.
The Aite-Novarica 100 (AN100) is a set of 100 key digital, data/analytics, and core technology capabilities delivered with today’s available technology, across the insurance product and customer life cycles.
This report explains the AN100 Framework and analyzes maturity and deployment data from a survey of 19 life/annuity/benefits insurers.
About Aite-Novarica Group
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, markets, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. For more information, visit aite-novarica.com.
Source: Aite-Novarica GroupTags: Aite-Novarica Group, analytics, benchmarking, benefits, Communications, Customer Communications Management (CCM), Life & Annuity, pilot program, priorities