Better technology key for executives, claims AdvantageGo survey

Upgrading technology is the number one concern for insurance and reinsurance executives, according to a global survey of industry leaders carried out by AdvantageGo.

The survey claimed that the top five concerns of executives are: need to upgrade technology, underwriting discipline, regulation, cybersecurity and mergers and acquisitions.

AdvantageGo surveyed 30 c-suite insurance and reinsurance professionals from Bermuda, London, North America and Switzerland. Three quarters (76 percent) of those surveyed were currently involved in data analytics and big data projects, and more than half were looking at projects involving machine learning (55 percent), artificial Intelligence (52 percent), and blockchain (52 percent).

“Whether companies want to be ahead of the game or are simply anxious about being left behind, all sectors of the market are taking InsurTech seriously,” said Adrian Morgan, executive vice-president and head of AdvantageGo at NIIT Technologies. He added: “On the one hand, there is an overwhelming recognition of the need to improve technology, but on the other, there is a concern about the rate at which the industry, as a whole, is adopting InsurTech solutions.”

Surveyed executives stated that when it comes to picking an InsurTech provider, the most important factor is demonstrable capability, followed by track record of successful delivery, customer-centric mind-set, industry knowledge, and ‘easy to do business’.  These attributes are considered to be more important than the company being an InsurTech innovator.

Adrian Morgan also stated, “Our survey shows the value placed on partnering with proven providers that marry technological know-how with deep industry expertise.”