Business
analytics and intelligence will have a big impact on insurance and
financial services companies over the next five years, 80% of
insurance information technology executives told LIMRA for its
Tech Quake: Predicting the Global Impact of Technology
report.
Of particular importance, noted the
international insurance research and consulting organisation, will
be advancements in internet capabilities.
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IT executives predict that companies will need
a new approach to reach the younger generations in which the
internet will play a key role.
This is particularly significant given that
consumers in their 20s and 30s have grown up with the internet and
use it for many of their day-today activities, stressed LIMRA.
Consequently, noted LIMRA, IT executives
foresee many more consumers expecting full online service
capabilities and the ability to see all products they own with a
company across all business lines on a single screen, as well as
easy-to-use, self-service websites.
Underscoring the internet’s significance to
insurers, LIMRA stated that 85% of consumers view the internet as a
good source of insurance information.
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By GlobalDataThis trend is likely to intensify in the next
five years, believe 96% of insurance IT executives surveyed.
In addition to the internet’s growing
significance, more than three-quarters of IT executives surveyed
believe electronic business processing will have considerable
impact on marketing and distributing insurance and financial
products worldwide.
This includes electronic signatures (see
Battle Lines drawn in the US),
online applications processing and straight-through processing.
Adoption of these technologies will save the companies money,
improve service and save time for the customer, stressed LIMRA.
IT executives are also acutely aware that data
breaches can be extremely costly in terms of brand impact, customer
loyalty and record recovery.
Against this background, 75% agreed that
detecting and preventing the unauthorised use and transmission of
confidential information will be a high priority in the next few
years.
Additionally, two-thirds of IT executives feel
reputation management will be critical as social media expands into
the business environment in the coming years.
Mary Art, LIMRA research director and the
report’s author, said the survey also revealed that data mining,
predictive modeling and forecasting will be vital to insurance and
financial companies seeking to remain competitive.
“While insurance and financial company
databases have typically been rich with information, the ability to
leverage the data across business lines to form a complete picture
of their customers has been a challenge,” said Art.
