As IT budgets continue to increase and insurers prepare their project plans with growth in mind, insurers' IT departments are placing greater emphasis on data capabilities, including predictive analytics, according to recent research from Strategy Meets Action.
The only other tool or emerging technology in which insurers are placing comparable emphasis is mobile.
In the report, "2013 Insurance Ecosystem: Insurer Technology Spending, Drivers, and Projects," SMA writes that P&C insurers are spending in an effort to position themselves for growth, stay competitive and better manage profitability.
When they indicated the areas where they are focusing IT spending to achieve those ends, insurers hinted that they are looking to supplement new business/underwriting and policy services with data.
