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Why insurance tech transformations stall, according to 61 industry leaders
Insurance Business says leaders increasingly judge vendors on whether they deliver accurate results and fit into internal processes, not on technology alone.
Insurance Business spoke with 61 senior leaders across carriers, brokers, and MGAs to understand why many insurance technology programs stall, even as spending on AI rises across the industry.
The outlet reports that access to capable technology is no longer a differentiator, since serious buyers can already find vendors and models. Instead, leaders focus on whether a vendor will still be relevant in three years, whether the vendor understands the customer’s process well enough to build to it, and whether accuracy claims are backed by proof rather than demos.
Insurance Business adds that top vendor relationships tend to form through small pilots and ongoing colleague validation, rather than polished pitch decks. It also notes leaders emphasized a slower approach to vendor selection, with fewer fast decisions and more testing against ground truth.
The interviews, the outlet says, included named conversations with executives at Travelers, Swiss Re, AXA XL, Sedgwick, Amwins, and Texas Mutual, summarized into six findings on how insurance buys, adopts, and stays with technology.