Every day we use a dizzying array of technologies in our personal and business lives. The news and developments regarding technology advances are difficult to keep up with, unless you are practically doing it full time. Maturing technologies such as mobile, analytics, cloud, and others are widely available. Emerging technologies such as the Internet of Things, wearables, 3D printing, and autonomous vehicles seem to be moving forward at breakneck speed.
All of these developments combine to influence customer expectations, change the risk landscape, and provide new opportunities for operational efficiencies. They also create opportunities for new competitors that are emerging in the insurance industry. So how far along are insurers in adopting these maturing technologies and strategizing for the emerging technologies? Is the industry in general keeping up? Following are some examples from SMA research on the levels of adoption and the areas where insurers see business value in new tech.
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