Commercial Insurers Shift Tech Priorities

It is difficult to imagine where digital business operations would be today if it wasn’t for the catalyst that is the pandemic.

For nearly two years, businesses across industries, and especially within insurance, accelerated digital transformation plans to adapt to remote access for customers and employees.

Insurers prioritized many self-service capabilities, such as virtual inspections, digital payments and automated workflows, while also focusing on investing in artificial intelligence (AI), the Internet of Things (IoT), new user interaction tech and other advanced technologies.

However, as the effects of the pandemic continue to play out, market activity indicates commercial lines insurers are reprioritizing their tech-oriented projects, with some plans continuing to move forward while others have slowed down.

Today, there are 13 ‘transformational’ technologies working with foundational technologies, such as core systems, portals and CRM systems, to move the insurance industry into the new digital-connected era.