ANN ARBOR, MI and ATLANTA, GA, August 19th, 2019 – CB Insights recently released a keynote focusing on the top technology trends in the insurance industry.
The keynote urges insurers and brokers to focus their efforts on harnessing a limited number of technological trends, among which “Commercial data automation” is a recommended priority. CB Insights specifically highlights the Groundspeed / Aon partnership as a leading example this trend.
The importance of commercial data automation is underscored by the numerous changes unfolding in the insurance industry. As mentioned in the report, “Business is becoming more competitive—only 71 carriers have net written premiums >$1B”.
The keynote explains that industry challengers are attacking incumbents across three vectors: cloud and mobile, use of data & AI, customer acquisition. These technologies are taking off; according to the report, the natural language processing market is expected to reach $16B by 2021. With these and other changes underway, speed and agility are ever more important.
Groundspeed gives insurer and broker the capability to defend and expand market position by fueling operational improvement by using machines to extract valuable data from insurance documents.