After decades of slowly adopting innovative new technologies, the insurance industry is now ready, willing, and able to take the leap toward a more technologically advanced future. It's more than just a commitment to replace outdated legacy systems; for example, our research shows that more than two-thirds of insurers expect to deploy new AI models and capabilities in the next two years.
Such priorities are commendable but may not be possible as quickly as some insurers might hope. Other findings show that less than one-third of carriers presently have AI models in place, and when it comes to modernizing their internal operations, nearly half admit that they’re behind schedule.
Yet where some insurers see challenges, others will see valuable new opportunities. Whether they are looking to increase collaboration and innovation, drive product and business growth, or gain and retain market share – or all of the above – insurers who can capitalize on today’s changing conditions stand to reap the most benefits.
To help insurance executives better understand these challenges and opportunities, Earnix partnered with the Market Strategy Group LLC to uncover key findings, trends, and implications for the future. This report will show you where other insurers stand in 2024, and how you can take the right steps now to gain a valuable first-mover advantage.