According to a global survey of insurance and reinsurance executives carried out by AdvantageGo, upgrading insurance technology is the number one concern for industry leaders.
The top five concerns of executives are:
AdvantageGo, the innovative commercial insurance and reinsurance software platform from NIIT Technologies, surveyed 30 c-suite insurance and reinsurance professionals from London, Bermuda, North America and Switzerland. Three quarters (76%) of those surveyed were currently involved in data analytics and big data projects, and more than half were looking at projects involving machine learning (55%), artificial Intelligence (52%), and blockchain (52%).
Whether companies want to be ahead of the game or are simply anxious about being left behind, all sectors of the market are taking InsurTech seriously,” said Adrian Morgan, Executive Vice-President and Head of AdvantageGo at NIIT Technologies. He further added, “The survey has highlighted a key dilemma with which the industry is currently grappling: on the one hand, there is an overwhelming recognition of the need to improve insurance technology, but on the other, there is a concern about the rate at which the industry, as a whole, is adopting InsurTech solutions.
Surveyed executives stated that when it comes to picking an InsurTech provider, the most important factor is demonstrable capability, followed by track record of successful delivery, customer-centric mind-set, industry knowledge, and ‘easy to do business’. These attributes are considered to be more important than the company being an InsurTech innovator.
Adrian said: “Our survey shows the value placed on partnering with proven providers that marry technological know-how with deep industry expertise.”
AdvantageGo is the innovative commercial insurance and reinsurance product family from NIIT Technologies. It harnesses the power of proven, functionally-rich core solutions and augments it with the energy and culture of being an InsurTech leader. AdvantageGo enables insurers and reinsurers around the world to fuse the traditional with digital, helping them to rapidly adapt, drive change and succeed with agile software and Microservices.
AdvantageGo – revolutionising insurance software.
About NIIT Technologies
NIIT Technologies is a leading global IT solutions organization, enabling its clients to achieve real world business impact through unparalleled domain expertise working at the intersection of emerging technologies. The Company focuses on three key verticals: Banking and Financial services, Insurance, Travel and Transportation. This domain strength combined with leading-edge capabilities in Analytics, Cloudification, Cognitive automation, and Digitalization, helps clients innovate business, automate process and industrialize AI. With over 9500 people serving clients across Americas, Europe, Asia, and Australia, NIIT Technologies fosters a culture that promotes innovation and constantly seeks to find new yet simple ways to add value for its clients.