From telematic devices that track safe driving behavior to artificial intelligence (AI) systems that fully automate the claims process, technology is rapidly reshaping the insurance industry. According to the International Data Corporation (IDC), global insurance spending on AI systems alone will experience a 48% compound annual growth rate from now until 2020. What's more, KPMG predicts that 2018 will be the year when InsurTech moves from proof of concept to production.
Yet as AI, chatbots and other Internet of Things (IoT) devices emerge, many insurance organizations continue to suffer amid outdated, disconnected technology. Agencies and brokerages still rely on spreadsheets, PDFs, "green screen" terminals, fax machines and even paper-filled filing cabinets. In fact, when asked to define "digital transformation" at a recent industry event, nearly 16% of respondents said it means "going paperless."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
