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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.

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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.

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