Top 5 Insurance Technology Trends of 2016

The momentum behind innovation in insurance has perhaps never been greater than it is right now, as the calendar flips from 2015 to 2016. Insurers are driven to prove that they are at the forefront of working with the hottest technologies in the world.

For example, take a look at what happened at Erie Insurance this year. The company received approval from the Federal Aviation Administration to test drones for claims use in April. By September, the company was using one to look at the roof of a house that had filed a claim. The speed with which Erie was able to identify drone technology as a game changer and get the
devices into the hands of the field team that could use them heralds a new normal for insurance.

“The insurance claims industry is excited about the potential that drones offer: An efficient and safe means of inspection,” says Gary Sullivan, VP of property and subrogation claims for the multiline P&C carrier. “There were a lot of resources available to us in the organization to make this a reality.”

Insurance companies see digital technologies “recalibrating” customer expectations and opening new ways to acquire and retain policyholders, according to Dave Hollander, EY’s global insurance advisory leader. His firm identified key focus areas for P&C insurance in 2016 – and right at the top of the list is “Position organizations for digital leadership.”

“Every one of our clients continues to make major investments into modern [technology] architecture,” says Hollander. “Anything that helps enable digital interaction, data and analytics, the product development side, claim handling, or customer interaction is a high priority.”

Insurance Networking News has identified five trends that will be at the top of insurers’ to-do lists in 2016:

Drones

Analytics

Innovation labs/Hackathons

Fintech & Startups

Cybersecurity

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