Long criticized for its slowness to adapt to new technologies, the insurance industry is at a crossroads. Having survived economic turmoil, many insurers are, in fact, seizing the opportunity to leverage technologies that will push them past simple survival to advancements in processes, products and service that drive true competitive advantage.
Granted, this new focus will remain a challenge for some, because the playing field is quickly being altered by technologies that were not even on the radar a year or so ago, yet are already providing tremendous opportunities in both the front and back office. For many INN readers, the customary cultural challenges attached to technology adoption no longer outweigh the opportunities. The business side is in the driver's seat.
To determine where the lion's share of these opportunities exist, the editors of Insurance Networking News pooled a variety of resources, tapping their own industry experience, responses from readers and the astute feedback from INN's Editorial Advisory Board. From that, INN identified five trends it believes predicts how the industry's use of technology will shape its success going forward.
INN's Top 5 Trends offer proof that insurers of all sizes and lines of business have pushed the "slow to adapt" moniker aside. Instead they are catching up, keeping up and in some cases setting standards for other industries to follow.
