Novarica: RPA leads 2021 P&C insurer technology deployments

Wearables

Percentage of P&C insurers deploying this tool in 2021: 3%
(Photo: Intel Free Press via Wikipedia Commons)

Smart assistant

Percentage of P&C insurers deploying this tool in 2021: 3%
(Photo: DedMityay via Adobe Stock)

AI: Voice

Percentage of P&C insurers deploying this tool in 2021: 7%
(Photo: Prostock Studio via Shutterstock)

AI: Image

Percentage of P&C insurers deploying this tool in 2021: 13%
(Photo: Monopoly919 via Adobe Stock)

Telematics

Percentage of P&C insurers deploying this tool in 2021: 19%
(Photo: metamorworks via Shutterstock)

Chatbots

Percentage of P&C insurers deploying this tool in 2021: 19%
(Photo: sdecoret via Shutterstock)

Drones

Percentage of P&C insurers deploying this tool in 2021: 20%
(Photo: Shutterstock)

Internet of Things (IoT)

Percentage of P&C insurers deploying this tool in 2021: 20%
(Photo: metamorworks via Adobe Stock)

Big data tech

Percentage of P&C insurers deploying this tool in 2021: 21%
(Photo: Blue Planet Studiostock via Adobe Stock)

AI: Unstructured text

Percentage of P&C insurers deploying this tool in 2021: 23%
(Photo: Tierney via Adobe Stock)

AI: Machine learning

Percentage of P&C insurers deploying this tool in 2021: 25%
(Photo: Zapp2Photo via Shutterstock)

Big data sets

Percentage of P&C insurers deploying this tool in 2021: 29%
(Photo: Cifotart via Adobe Stock)

Low code/No code platforms

Percentage of P&C insurers deploying this tool in 2021: 36%
(Photo: Murrstock via Adobe Stock)

Robotic Process Automation (RPA)

Percentage of P&C insurers deploying this tool in 2021: 47%
(Photo: Olivier Le Moal via Shutterstock)

Despite the buzz among insurance-industry leaders and technologists around the potential impact of such tools such as smart devices, wearables and drones, there is a wide range of technology adoption and maturity among insurers, according to the report, “Emerging Technology in Insurance: AI, Big Data, Chatbots, IoT, RPA, and More,” produced by the Novarica Research Council.

“Insurers continue to experiment with and adopt new technologies where there is a clear business case to do so,” researchers concluded. But not all available technology tools are easily assimilated into insurance business processes, and many are still in the experimental phase.

The study analyzes responses from more than 100 insurers. Among its key findings:

The slideshow above as well as the graphic below illustrate the hottest InsurTech tools being deployed in the P&C industry in 2021, their rate of deployment, and the technologies for which insurance professionals could be waiting for years.

Note: This study was released early in 2021 and does not reflect the July 21, 2021 announcement that Novarica has merged with Aite Group LLC to become the Aite-Novarica Group.

See also:

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