Technology budgets for insurance companies are expected to increase by nearly 14 percent in 2022, according to Deloitte. In the company’s recent survey, nearly three-quarters of respondents anticipated additional spending for artificial intelligence and 7 out of 10 expected strong growth in the acquisition of data. None of this should be a surprise to anyone.
Clearly, AI, data and technology are valuable assets across the insurance industry—they support customer acquisition, customer retention and customer growth while creating internal efficiencies and cost savings. Companies not budgeting for double-digit growth in these categories next year and beyond will swiftly be left by the wayside.
And while the average company will increase its technology spend by a little less than 14 percent next year, at Accelerant, we are budgeting for X percent growth in 2022. We know from experience that these investments pay quick dividends for everyone in the value chain.
Why focus so strongly on AI and technology?
Technology enables us to deliver a fast, effective and customer-centric experience at all points and times. Data helps us predict and respond to customer needs in the market. And it helps us better understand risk and benefit from these insights.
At Accelerant, we use data insights to increase speed to market, make well-informed decisions, balance risk and reward, and support sales and customer service. We use them to create innovative services and solutions. And we help our customers make data-powered decisions every day with segmentation analysis.
Every company will allocate its technology budget differently, however, a greater focus on innovative technology and AI is essential for all. We have continued to invest in these areas with undeniably positive results.
Accelerant is data-driven and technology-fueled to support our customers in every budget cycle and every year.