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Tillinghast: Insurers Get Mixed Results From Technology

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NU Online News Service, Jan. 7, 10:30 a.m. – North American insurance company executives told members of a survey team from Tillinghast-Towers Perrin, New York, that they are still optimistic about the ability of technology to improve profits.

The survey team spoke to 100 executives from life insurance, health insurance companies and property-casualty companies, and a handful from other types of financial services companies.

Seventy percent of the participating executives said they expected to see new-technology-driven improvements in customer profitability, and 78% said they expected to see technology leading to improvements in company profitability and market share.

Ninety-four percent said they expected technology to increase employee productivity.

But the executives told the Tillinghast researchers that the results of past technology investments have been disappointing.

Only half said they had seen technology improve net operating results, return on capital invested or growth.

Fewer said they had seen evidence of technology improving other traditional measures, such as market share, retention ratios or shareholder returns.