In the first two parts of this series we talked about the emerging and improving technologies impacting the commercial broker industry. They range from virtual assistants to connected devices and various forms of cloud.

As the s-curve trends toward a plateau of adoption, we come across the mature technologies, which are those that have either been adopted by now or need to be considered for adoption in the next two to five years.

Plotting Technology Adoption Trends in Insurance - Commercial Broker technologies S-curve

The mature technologies in insurance include enterprise business process management (BPM) or software that automates underwriting and claims through a top-down IT approach. It supports productivity through desktop acceleration, application connectivity and workflow management. On-premise enterprise systems, which help store data collected from insurance customers, require firms to physically house web servers.

The aging technologies in insurance are mainframes or legacy infrastructure systems. These are the labyrinths of aging systems that help us process the vast amounts of data. Almost everyone in the insurance industry already has these systems in place.

Yet, the 2016 Accenture Technology Strategy Survey found more than half of insurance executives still cite current technology processes as impeding business objectives. These last two groups of technologies, in the aging and mature categories, are the ones that commercial brokers should catch up with the soonest or risk becoming extinct in a sea of digital native startups.

Coming up next, in the final part of this series, we will talk about the best methods of assessing and evaluating the s-curve guidelines and how to adapt them to fit our needs.

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