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November 30 2013 | Mark Breading

Next generation technologies play a vital role in insurers’ strategies and plans. Far from being an intellectual pursuit or an interesting trend in other industries, many insurers view advanced technologies as critical to satisfying the needs of customers and agents, running an efficient and profitable business, and providing a competitive edge in the marketplace. In recognition of this reality, SMA conducts an ongoing series of research studies on advanced technologies and their implications for the insurance industry. Research data from a recent SMA survey along with our insights from working with our clients have enabled us to identify the top five next-gen technologies for insurers in 2014.

The five technologies identified below are ranked based on their relative importance to the industry, with #1 as the technology having the most impact.

1.  Analytics and Big Data: high investment, many projects, pervasive impact… differentiation potential

2.  Mobile: opportunities for prospects, customers, agents, employees… there’s an app for that

3.  Collaboration: real-time interaction, content collaboration… enabling innovation and the customer experience

4.  Cloud Computing: usage increasing, expanding from infrastructure into core… it’s about business flexibility

5.  Telematics: huge implications for personal auto, moving to a tipping point… a business model revolution

Each of these technologies creates opportunities and challenges for insurers. Understanding their potential and your peers’ investing patterns provides valuable input for your strategies and plans.

For more information about these technologies, and how your peers are planning to leverage them, read SMA’s new research brief, Next-Gen Technology Trends: New Opportunities and Challenges for Insurers. Contact Mark Breading for further information at mbreading@strategymeetsaction.com


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To learn more, please contact:
Mark Breading
Partner
Strategy Meets Action
614.562.8310