Emerging Technology in Insurance: AI, Big Data, Chatbots, IoT, RPA, and More

Report Summary

Emerging Technology in Insurance: AI, Big Data, Chatbots, IoT, RPA, and More

Matthew Josefowicz
Advisor to the CEO

January 2021 - Insurers are actively experimenting with emerging technologies like artificial intelligence, big data, chatbots, drones, Internet of Things, low-code/no-code platforms, robotic process automation, smart assistants, telematics, and wearables. Some insurers may be narrowing their innovation focus as they anticipate a leaner 2021. Still, as a whole, the industry is pursuing new technologies that can help them sell more, manage risk better, and cost less to operate.

This report analyzes a study of more than 100 insurer CIO members of the Novarica Insurance Technology Research Council

Key Points and Findings

  • RPA and chatbots continue to expand. These technologies are easy to drop into existing processes and provide clear value, so they’ve been widely adopted over the past several years.
  • Artificial intelligence and big data remain areas of intense activity. Deployment has increased for most capabilities; these remain the most-piloted technologies for 2021.
  • Life insurers narrow pilot focus. Less proven technologies are seeing less experimentation as life insurers balance analytics investments against new priorities for digital experience.

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