Several surveys have indicated that 2015 is the year for data and analytics in insurance. We have previously seen cloud technology and mobile applications at the forefront of insurers minds, showing that as technology progresses, insurers are keen to keep up. A recent survey showed that 75% of respondents said that almost 25% of their business applications are already hosted in the cloud. This is great news, as cloud technology offers numerous benefits to businesses.
Data and Analytics
In terms of other technologies, 37% of respondents state that the most important emerging technology for 2015 is data and analytics. Data and analytics provide valuable insights for insurers into the information they already possess. These insights can guide decisions to better predict risk and policy premium calculations, reduce the time taken to approve less risky claims, and improve investment opportunities.
30% of respondents listed enterprise mobility as an important emerging technology. Insurers are beginning to adopt mobile portals for claims processing giving customers easier access to claim information online while decreasing pressure on call centers.
With the suggestion that 2015 is going to be a year of technology upgrades, Appian asked what motivated respondents to improve technology. Their reasons were to:
- Improve efficiency
- Improve customer experience
- Increase business agility
Interestingly, no one thought that improving employee experience was a motivation for improving technology. Past surveys have shown that happier employees result in a more productive workforce who aim to please customers.
Although these stats show businesses are planning on investing in technology, nearly 40% of respondents say their company has a backlog of development work, making them slow to implement new technologies. This can cause a competitive disadvantage in the market as competitors implement up and coming technologies.
We will have to wait until the end of this year to determine if insurers are using improved technology to improve business processes.
At ClaimVantage we offer insurers the software necessary to implement mobile applications for claimants and data analytics capability to detect fraudulent claims.