While there has been progress toward the pace of tech adoption, the speed from 2013 seems to have hit the brakes in 2014, with investments returning to what the industry saw in 2012, according to a report from Strategy Meets Action (SMA). And as technology advances, different insurance products and services will be necessary.

“In today’s environment of fast-paced change, an insurer’s commitment to innovation must never cease, must never pause, and must always keep a sense of urgency,” says Denise Garth, SMA Partner and report author, along with Deb Smallwood, SMA Founder. “Each and every day, insurers must recommit to their innovation journeys … to avoid falling into operational traps.”

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