While insurers’ recent analytics projects have shown steady progress in innovation, the development of artificial intelligence, big data platforms and the Internet of Things indicates carriers must deploy these technologies even faster to keep up, according to a new study by Strategy Meets Action.

The report, “Data and Analytics in Insurance: P&C View Through 2020,” finds 92% of the 87 carriers surveyed are funding analytics initiatives in 2017. However, only a small number are leveraging data from IoT, wearables and drones, which are largely considered the emerging technologies of choice in extracting information for claims, underwriting and loss prevention, the researcher says.

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