Risk Digitization Top Tech Priority for US Insurers
Risk digitization was cited as the primary technology priority for revenue growth in a recent study from insurtech Cytora.
Cytora surveyed 200 senior leaders from global insurance firms and found that 76% of respondents saw risk digitization (encompassing new business, renewals, claims and mid-term adjustments) as the major technology priority that their organization was likely to invest in over the next two years.
Respondents said the main advantages of risk intake digitization were revenue growth (24%), ability to process higher transaction volumes (19%), and improved service to brokers and customers (16%).
When asked to rank the main source of inefficiency within their organization, 64% of respondents cited manual extraction of data from intake documents, ahead of a lack of unified data flow (51%) and disjointed systems that don’t interact with one another (37%).
Insurance leaders are also planning to expand their investment in AI initiatives, the survey found, with 23% of respondents predicting they will invest $1 million or more and 11% stating they will invest more than $5 million. Respondents cited increased efficiency (60%), improved customer and broker satisfaction (52%), and better understanding of the risk (42%) as the biggest potential benefits of AI initiatives.
The survey also looked at the impact that risk digitization is having on employee roles. Increased productivity was mentioned by 71% of respondents, followed by higher talent retention/attraction (69%), opportunity to upskill (63%) and improved morale (50%).
Topics
USA
Carriers
InsurTech
Tech
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