InsurTech, or digital information, isn’t just about Internet of Things (IoT), blockchain, wearables or telematics. A key digital transformation initiative, and competitive differentiator in the digital age, will be advanced data and analytics. And, innovation in data analytics is a big chunk of the $185 billion global insurance technology spend in 2017. If you’re struggling with legacy systems, lack of visual analytics, data inaccuracy and disparity (among many other analytic challenges), it’s time to make advanced data and analytics a transformation priority.
This 2-minute infographic shows how and why to bridge the technology gap with InsurTech for better data and analytics:
Over a year ago, Stephen O’Hearn, global insurance leader at PwC, predicted, “InsurTech will be a game changer for those who choose to embrace it.” Since then, the InsurTech playing field has matured. Many insurers who have operated in the “good enough” zone are finding that it is no longer—well, good enough. The game has changed. Whether you’re in underwriting, claims, exposure management—or you’re a CIO—InsurTech impacts you. There is no option to stay on the bench. So, what’s your game plan?