Is insurance still a slow mover when it comes to technology and digital transformation? It depends on your perspective. One could make a case that over the past decade, the process of buying insurance and making claims has changed more than the process of buying the home or car that insurance products are being bought to protect. This report examines the state of insurance digital transformation — not only vis à vis customer experience, but in the post-COVID era where internal and external pressures are reshaping how insurers operationalize and implement new technologies.
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Key findings
- 44% of insurers are actively engaged with insurtechs and operationalizing pilots, with only 27% saying they have no plans to do so. (The remaining insurers are planning pilots this year.)
- Customer experience is the top-of-mind concern for insurance carriers.
- Four in ten insurers rate their innovation programs as “robust,” with a formalized lab and/or ideation process.
- Most insurers say that their innovation efforts were slowed somewhat by the pandemic, but a slight majority believes the worst is behind us.
- Insurtech investment is expected to be between $5 billion and $10 billion in 2022.