NU Online News Service, Oct. 30, 10:35 a.m. – Tillinghast-Towers Perrin, New York, says many insurers still believe that technology will bring about revolutionary changes in the next three years.

The consulting firm surveyed executives at 248 North American financial services companies, most of which were insurers, and found that 91% believe dramatic changes are on the horizon.

One-third called the imminent changes “revolutionary,” the firm says.

One-fifth of the participants said they felt their companies were ahead of the competition when it came to using new technology.

Sixty-four percent of the participants at the technology leaders said their companies had used technology to strengthen existing distribution channels, and 55% said their companies had used technology to strengthen new business processing and customer service.

Meanwhile, only 36% of the participants from the other companies said their companies had used technology to improve customer service.

Only 23% said their companies had used technology to improve new business processing, and only 18% said their companies had used technology to strengthen existing distribution channels.