Consumer demand for sales and service through mobile devices, self-service Web portals, e-mail, and social media is driving investment for document and content management technologies for insurance carriers, according to recent survey from on CEB TowerGroup.
Document and content management technologies, which support the recordkeeping of insurance forms, can facilitate document delivery through those channels and also help consolidate multiple document systems currently in use by insurance carriers.
According to the CEB TowerGroup survey, carriers will seek providers that address their requirements for multichannel delivery and support enterprisewide implementations.
The 52 percent that have insurance document & content management technology spend an annual average of less than $ 1 million on its implementation, use and maintenance.
Further, 30 percent of respondents have had the technology for more than a year and did make a major replacement in the past 12 months or will make a replacement by 2016; 17 percent have adopted the technology in the past 12 months or will by 2016; 44 percent have the technology and plan no changes. Only 2 percent have no document or content management technology and no plans to acquire it.
The survey report, “Adoption and Investment in Financial Services Technologies: Insurance Document & Content Management,” examines the insurance industry’s planned adoption and replacement of document and content management technologies, age of current technologies, average annual spend, and expected budget changes.
The survey is a series of reports that provide findings on the current state of technology, installation dates, and spend and budget change for 94 areas of technology across financial services, including 15 focused on insurance. The reports are based on CEB TowerGroup’s survey of more than 200,000 technology experts and executives between December 2011 and February 2012.
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