A new 2019 Market Survey from Novidea reveals a big contradiction. Tech adoption is way behind perceptions – but there’s hope.

Automation is reshaping the insurance industry, resulting in lower margins and higher customer expectations. Novidea’s latest research highlights that while the vast majority of respondents perceive the industry and their businesses to be highly tech-driven, actual levels of technology adoption are stunningly low.

Our survey respondents include brokers/agents (53%), insurers/carriers (32%), MGA’s (2%) and others. We found that in this demanding industry environment, insurance professionals and organisations realise that they must transform their operation to be more technology intensive. However, in reality, many respondents in the industry report siloed systems and unfriendly – and consequently rarely used – user interfaces.

• Only about a third of all respondents have a CRM system in place
• Nearly 80% lack functioning BI tools
• Only 21% maintain policy application/quotation management systems that adequately interface with insurer systems

With shrinking margins and ballooning customer expectations, the vast majority of agencies, brokers, MGAs and carriers understand that the industry is becoming more technology intensive. Bringing this notion to reality creates a challenge and an opportunity.

This report provides analysis of Novidea’s research findings and advice to insurance distribution providers on how they can successfully adopt new technologies to transform their business.

Topics covered:
• Barriers hindering technology adoption.
• The benefits of adopting cloud technology.
• Five steps that can help you realise the cloud-based & data driven vision.

Download the full survey report to learn more about this fundamental disconnect and how the cloud may be the fastest path to resolution and future growth.