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August 06, 2018 at 04:15 AM
ACORD Corp., an insurance data standards group, says it has data supporting the idea that life insurers that try to do something new with technology tend to offer shareholders better value than life insurers that simply try to use technology to run their companies better.
ACORD tried to measure the impact of five different technology strategies by developing a “total shareholder return ” index, then looking to see how the insurers with each type of strategy did.
The life insurers with ah “ Innovation” tech strategy did the best: They had a total shareholder return index of 137.1.
The life insurers with an “Operational Excellence” tech strategy had a total shareholder return index of just 45.
(Related: ACORD Sets Benefits Enrollment Standard)
Insurers that used technology mainly to increase “Customer Intimacy” had a shareholder return index of 95.6, and companies that chose a “Product Leadership” strategy had a shareholder return index of 54.2.
Insurers with a mixed strategy had a shareholder return index of 106.3.
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