Insurers More Willing To Experiment With New Tech This Year

A majority of insurers plan to significantly increase spending on emerging technologies, such as artificial intelligence, and create separate business units—or innovation labs—to develop and market new products. That’s according to a new report from Celent, “Insurance Innovation Outlook 2018,” which surveyed 39 insurance innovation practitioners on current tech strategies and approaches for the next calendar year. Insurance companies expect that insurtech disruption and customer expectations will continue to rise in concert this year. Carriers are responding with ramped-up investments in newer platforms to keep pace, the report found.