Search
 

InsurTech Center

Commentary

How foundational technologies set up insurers for success

As insurers face new technology investment options, it's key for them to remain focused on tools and partners that provide real business value.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
There are two main groups of technologies in the insurance technology ecosystem. One group includes foundational technologies — the enablers of digital transformation — and the other is comprised of ancillary technologies. (Shutterstock) There are two main groups of technologies in the insurance technology ecosystem. One group includes foundational technologies — the enablers of digital transformation — and the other is comprised of ancillary technologies. (Shutterstock)

P&C commercial line insurers have been historically slow to invest in technology. That began to change in 2001 with the emergence of the low interest rate environment, and accelerated after the 2008 economic recession when investment income dried up and insurers were forced to tighten underwriting practices in a number of ways. For example, data analytics emerged as an effective means of mitigating losses through better risk selection and pricing. That’s when the modern insurance era began to take shape.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • 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?

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.