Transformational Technologies in P&C Commercial Lines: Insurer Progress, Plans, and Predictions

Author(s):

Deborah M. Smallwood, Senior Partner

Mark A. Breading, Senior Partner

Karen Furtado, Partner

Publication Date:

December 13, 2021

Number of Pages:

13

Price:

$1,495.00 USD

How far have commercial lines insurers’ digital transformation plans progressed since 2020? Market activity suggests that insurers are reprioritizing their projects due to the effects of the pandemic, with plans for some transformational technologies accelerating while others have slowed down.

This SMA research report examines thirteen transformational technologies that are working with foundational tools and software to push progress forward. The report covers six AI-related technologies as well as seven non-AI-related technologies. The six technologies that are part of the AI family include machine learning, robotic process automation (RPA), natural language processing (NLP), computer vision, new user interaction technologies (including chatbots), and voice. The seven other technologies – all vital for the digital connected world – include the Internet of Things, wearables, blockchain, augmented/virtual reality, autonomous vehicles, virtual payments, and 5G/edge computing. The report concludes with key strategies insurers must focus on to keep up with the rapidly advancing technology environment.