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Insurers to Put More Cash Into Tech in 2015: Survey | Canadian Insurance
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Insurers to Put More Cash Into Tech in 2015: Survey

Local and unconventional insurers are biggest risk, respondents say

Canadian insurers’ biggest resource priority is tech, according to a new survey, with companies saying they’ll invest more in big data and quoting portals in the new year.

The survey, conducted by Xchanging and Insurance-Canada.ca, reveals that nearly half of respondents identify technology as their top resource priority—more than double the amount who say underwriting is their number one.

Read: Tech Opportunities and Challenges, with the Experts

As for what they need from those tech resources, the respondents—most of whom are from P&C—say they want quoting/underwriting portals (31 percent) and more analytics (28 percent).

Far fewer—just 20 percent—say they’re looking for mobile apps.

Read: How Tech is Changing the Claims Industry

For all the chatter about cyber risk, it wasn’t a big hit with the survey respondents. Fourteen percent cited cyber security solutions as their most valued tech.

As for what’s lurking around the corner, 42 percent say that local insurance companies as “non-conventional insurance sources” like banks and Google are the biggest threat to their businesses.

Read: Top 4 Tech Trends for Brokers

The survey gathered 88 responses, of which 30 percent were from the C-suite.

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