The top three drivers of commercial insurers' partnerships with insurtech are enterprise data and analytics, core modernization and customer experience, according to a new report from insurance tech analyst firm SMA.
For the "Insurtech and Commercial Lines: A Surge of Activity and New Implications" report, SMA founder Deb Smallwood and partner Mark Breading surveyed 87 commercial insurers, of all sizes, to find out their tech priorities around insurtech and the digital world. All 87 cited data and analytics as a driver. Slightly more than four in five were looking to modernize core with insurtech partners, and 89% said customer experience was a driver.
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