Emerging Tech in L&A Insurance: The Gap Between Expectations and Actions

December 08 2016 | Mark Breading

Boston, Massachusetts, December 8, 2016 – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report: Emerging Technologies in L&A Insurance: 2016 and Beyond. This research report is based on a survey of L&A insurance executives in North America. The report covers insurer’s plans for developing strategies, piloting, and deploying 13 key technologies, such as wearables, the Internet of Things, blockchain, artificial intelligence, and others. Investment plans for the next three years are revealed, along with insurer expectations regarding the timing and magnitude of industry change likely to result from each technology. 

20161208 LA EmergTech“Emerging technologies are poised to transform L&A insurance, although the transformation is in the early stages,” said Mark Breading, SMA Partner and author of the report. “Activity levels regarding key emerging technologies are moderate at this stage, but insurers believe the potential industry impact is high.”

Research findings include the following:

  • Wearables, new payment technologies, and the Internet of Things are the three power players among emerging tech for L&A, ranking the highest in potential impact and strategy development.
  • Certain technologies have operational implications for insurers (such as AI and gamification), while the impact of others is outside insurance but will affect lifespans and healthcare (like biotech or robotics).
  • Artificial intelligence and blockchain activity in insurance are gaining momentum and are expected to be a force over the next 3-5 years.

Breading said, “Emerging technologies are transforming many industries, and insurance will be no exception. New technologies can enable innovative new products, change the customer experience, and improve operational efficiencies.”

Insurers, InsurTech companies, venture capital firms, agencies, and media that are interested in learning more should contact Mark Breading at mbreading@strategymeetsaction.com or 614.562.8310.