Cue Carnac the Magnificent: 2018 Predictions for Insurance Technology
I recently received an inquiry from one of our analyst firms asking about issues in insurance technology for 2018. It’s the New Year, so receiving this type of questionnaire isn’t unusual and it does have the benefit of making me think about what we will be talking and writing about in 2018. So, without further ado, here is what I am prognosticating.
What are the top three to five technology disruptors/innovations that will impact insurers in 2018?
Artificial Intelligence (AI) will have some effect, the emergence of “Small Data,” and the information-driven portal.
AI will continue as a technology with the ability to improve business processes throughout the organization. Understand that AI is simply the maturation and growth of BPM that has been with us for decades. What is occurring with AI is the ability to use metadata to drive new process improvements. Think of AI as autofill and BPM on steroids.
Small Data is the data that flows or is managed by the business and is about the business and its ecosystem/business partners. Although Big Data (we’ve been hearing about Big Data for years) is important, the more granular data is where the impact can be found. Small data is, again, about what is going on in the carrier’s own business and how to share and use that data with business partners and the overall ecosystem.
That sharing is going to require much improved portal technology that delivers information to the carrier’s ecosystem. The carrier will become an information broker for their entire business. Think of all the business partners a carrier has: reinsurers, program managers, agents, claims adjusters, underwriting experts, financial partners (accounting and actuarial), and consultants of various stripe (lawyers, experts, technology partners, etc.). All of those who make up the carrier’s ecosystem have a need to access carrier data and use that data in their work with the carrier. The carrier is sitting on a treasure trove of information that can shape business decisions for the entire enterprise.
What are the top three to five technology innovations that are included on your product roadmap for 2018 (could be new projects/services or bringing to market through a new product or new release of an existing product)?
Because we are heavily vested in distribution management, we focus on what is actually occurring in the intersection of agents and insurance companies. Obviously, we are working on the aforementioned portal technology because that is the key access point for agents to access data and information from the carrier. Mobility is another area that is moving from “nice to have” to must have. Although I see a good deal of research pointing out that the “carriers get it” when it comes to mobile, the technology they are deploying is all over the map: some great, a bunch of mediocre, and some just to check the box.
One of our major initiatives is to bring out a new release with a much-improved UI that will make our technology much easier to use.
Also, as a part of that release, we are looking at bringing more functionality to our CRM module.
So, there you have it. A brief look at what we here at VUE Software are thinking about for 2018.