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November 29 2013 | Mark Breading

Boston, Massachusetts, November 29, 2013 – Strategy Meets Action (SMA) has just released a new research brief – Next-Gen Technology Trends: New Opportunities and Challenges for Insurers. This SMA Research Brief identifies and prioritizes the top five next-gen technologies that insurers are investing in to achieve competitive advantage. This is part of an ongoing series of SMA reports that track the evolution of key next generation technologies and their implications for insurers.  

SMA research has identified the following five next generation technologies as the top insurer investment priorities; they are listed below in order of greatest business impact for the industry.

  1. Analytics and big data: Among the next-gen technologies, insurers consider analytics and big data to have the most potential for creating competitive advantage. Half of all insurers (49%) plan to increase their spending by over 10% per year in 2014 and 2015.  
  2. Mobile technologies: A full 81% of insurers plan to increase spending on mobile projects in 2014.
  3. Collaboration technologies: Insurers are already leveraging collaboration technologies for real-time interaction. Currently, 51% are using chat, and another 27% are piloting chat capabilities.
  4. Cloud computing: Insurers are gaining experience and confidence in cloud computing. Today 40% are using cloud for infrastructure and non-core services, while 33% are using cloud approach for core systems.
  5. Telematics: Usage-based insurance, enabled by telematics, is beginning to fundamentally change the personal auto business. Insurers expect about one-third of the North American auto market to be using UBI products by 2020.

This brief is available at www.strategymeetsaction.com/our-research.

Insurers, IT providers, and media who are interested in learning more about SMA’s next-gen technology research and advisory services should contact Mark Breading at mbreading@strategymeetsaction.com or 614.562.8310.