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Insurance Industry Still Trying to Find Magic Bullet for Success

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Insurance Industry Still Trying to Find Magic Bullet for Success

March 11, 2015
By Oliver VanDervoort
Contributing Writer

For Property & Casualty as well as Life & Annuity insurers, it can be hard to figure out what areas of advancement are going to bring the most bang for its buck. Figuring out where money should be spent in areas like social media, mobile applications and digital capabilities can be a sort of hit or miss proposition. This is why Novarica released a report titled “Hot Topics” that works to at least show insurers where their counterparts are spending their most time and attention these days.

One thing the recent report illustrates is that deployment rates for a number of different solutions are increasing. Even when talking about something like Big Data, deployment rates might be below 20 percent, but they have more than doubled when compared to the year before.  In fact, when looking at the Hot Topics chart, the only area where insurers seem to have stepped back is in Analytics and reporting. Well over 80 percent of insurers were using analytics in 2014 but that number has decreased to a little over 70 percent in 2015.

Source (News - Alert): Novarica Hot Topics report (2015)

When looking at areas that increased, but for most didn’t increase a great deal, social media stands out. While more than 40 percent of respondents to the study still report they have deployed social media in some areas of marketing, the growth is much slower than other areas. This approach seems to mirror the outlook of a number of other verticals in the business world.

In general, more and more businesses want to be able to use social media in one way or another. Finding just how social media should come into play has been more difficult. In this regard, the Insurance industry is on par with the call center industry as far as liking social media but not really trusting it to get the job done. It stands to reason that as 2015 goes on, insurers will be looking to truly understand the value of areas like social media and mobile strategies.

Edited by Peter Bernstein

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