Survey: Industry CEOs Overlook Potential of Technology

A new survey by New York research firm found that property casualty insurer CEOs tend to focus more on the benefits of using technology to enhance distribution and service of their products, but have shortchanged how technology could improve undervalue product development and marketing.

That insight comes from a new survey of 59 P/C industry CEOs by Novarica, which specializes in consulting with financial services and insurance firms on technology and operations.

“CEOs across the industry recognize the returns on their investments in agent portals, policyholder service capabilities, and internal workflow systems. The next stage for insurers is to turn their attention to fully leveraging technology in data analysis, in order to improve product and customer profitability,” said Matthew Josefowicz, director Novarica’s insurance practice and author of the report

Among the other findings: Nearly all of the CEOs underestimate the technological savvy of their customers.

Source: Novarica