20 Most Promising Insurance Technology Solution Providers - 2015
As the digital revolution transforms the way enterprises interact and do businesses, the insurance world is fundamentally going through a major transfiguration. Digitization is impacting the en-tire insurance value chain, from insurers to intermediaries, distributors, and service providers. Today, insurers have developed deep resources, strong balance sheets, enormous scale, vast quantities of data, and rigorous process discipline—all assets that can help them connect with customers in the new digital environment.
Far from being an intellectual pursuit or an interesting trend in other industries, many insurers view advanced technologies as critical to satisfying the needs of customers and agents, running an efficient and profitable business, and providing a competitive edge in the marketplace. Each of these technologies creates opportunities and challenges for insurers. It provides security, reduces business risks, encourages savings, accelerates the economic growth of the country, offers credit facilities, and reduces inflation.
Based on relative importance to the industry, the next generation trends cover a wide spectrum of technologies—Analytics and Big Data, Mobility, Collaboration, Cloud computing, Telematics—enabling business model revolution, innovation, and customer experience. Also, as a highly regulated industry, insurance carriers always need to build regulatory compliance into their business processes and adjust their processes to assure they remain in compliance as new regulations are enacted.
To help CCOs, CIOs, and CEOs find the right insurance technology and provider for their enterprises, our selection panel has evaluated hundreds of insurance technology providers that own innovative technologies in this space. In our selection, we looked at the vendors’ capability to fulfill the burning need of cost-effective and flexible solutions to tackle complex challenges of the insurance sector. We present to you CIOReview’s 20 Most Promising Insurance Technology Solution Providers 2015.