Technology Capability Maturity and Business Value in Insurance

Report Summary

Technology Capability Maturity and Business Value in Insurance

Paul Legutko
Senior Principal
Matthew Josefowicz
Advisor to the CEO

October 2020 - A cross-analysis of Novarica 100 benchmark data and industry financial results shows strong correlations between technology maturity and better performance. Mature technology capabilities correlate to better business performance for insurers. This correlation is according to an analysis of AM Best financial data for more than 90 insurers who rated their maturity in 100 digital, data, and core technology-enabled capabilities across the value chain—from product development and marketing to claims and operations.

This analysis suggests that stronger capabilities in marketing, distribution, and customer engagement contribute to growth, stronger data and analytics capabilities drive better underwriting results, and weaker overall technology maturity leads to higher operating costs.

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