Emerging Insurance Technologies: Life, Annuities, and Pensions Industry Edition 2012
New technologies have provided great benefits over the years to insurers, enabling IT to provide expanded functionality, greater efficiencies, and increased performance. In some cases, technology changed the way insurers interact with customers, agents, and regulators.
This report, the inaugural version of Emerging Insurance Technologies: Life, Annuities, and Pensions Industry Edition 2012, bridges the gap between business and technology. It examines the technologies and system features that are changing the face of the insurance industry and links them to their predominant business benefits. The report also measures how ready certain technology is for the insurance industry, and vice versa.
This snapshot demonstrates that, while technologies such as virtualization and contact and customer management (CCM) have been broadly adopted by insurers across most geographies, there is still a raft of mature technologies, such as business process management, portals, and specialist hedging technologies that have yet to make an impact. Some of these less well-adopted but mature technologies have the potential to deliver significant value in terms of operational efficiencies, capital efficiencies, and improved agility.
There is also a set of technologies waiting to be proved within the industry, such as social media in underwriting and claims decisions and cloud-based core insurance systems. Despite showing some promise, many of these technologies also come with some technology risks and the potential for vendor hype. The key decisions for insurers are when and how much to invest, and with whom.
“The ability to determine which emerging technologies have the potential to add value is a significant step in insurers’ investment planning,” says Karen Monks, Analyst with Celent’s Insurance group and coauthor of the report. “This report aims to provide insight into which technologies are gaining traction and the business levers they are most likely to address.”
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Growth and Retention
Risk and Compliance
Efficiency and Cost Control
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
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