Analytics, data, digital channels, modern applications andinnovative business practices are driving advanced capabilities inthe insurance industry, according to a survey of more than 60 P&C insurer members ofthe Novarica Insurance Technology Research Council aboutcurrent and planned deployments.
The study also found that larger carriers are widening theirlead in these advanced capabilities, with the most work being donein underwriting, analytics and the areas of billing anddistribution with direct customer impact. Larger carriers aredefined as those with premiums above $1 billion.
On the opposite side of the spectrum, advanced uses of mobileand analytics technology in the insurance industry are still rare.However, a handful of surveyed insurers have deployed capabilitiesin those areas.
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