The top technologies in use today by P&C insurers today are portal technology, business process management and fraud scoring, according to a new report from
There were seven technologies overall cited as having high adoption rates: predictive modeling for underwriting, contact and customer management, business rules management and virtualization, as well as the aforementioned portal technology, BPM and fraud scoring.
Seeing low adoption rates were the following nine technologies: big data, telematics, social data for underwriting, real-time analytics, predictive modeling for claims, cloud for core systems, HTML 5, social and collaboration platforms and cloud for non-core systems.
In an attempt to connect technology with business, Celent also assigned each technology to one of four categories, which describe the business objective underlying a given technology. The category with the most technologies being highly adopted is efficiency and expense control, while growth and retention found all of there technologies to be at least moderately adopted.
Claims indemnity control included (in order of adoption) fraud scoring social data for claims, advanced fraud analysis and predictive modeling for claims.
Efficiency and expense control included virtualization, contact and customer management, BPM, HTML 5, social and collaboration platforms and cloud for core systems as well as non-core systems.
Growth and retention included portal, product configurators, social media for marketing and mobile web.
Lastly, risk and compliance included business rules management, predictive modeling for underwriting, enterprise case management, geospatial data, master data management, real-time analytics, telematics, big data and social data for underwriting.
Celent included all technologies that they believed were beyond the stages of early development.
