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Novidea 2019 Market Survey reveals telling contradictions and clear opportunities

by  Roi Agababa  |  5 Jun 2019

Novidea has just released our 2019 Market Survey report, and the results speak volumes about the crossroads our industry faces right now when it comes to technology adoption.

We surveyed 102 brokers/agents, insurers/carriers, MGA professionals and others about an array of topics, including their current technology assets, planned investments, and business needs. We found that in today’s demanding industry environment, the vast majority of insurance professionals and organizations see themselves as “technology-intensive.” But the reality they report is stunningly tech-deficient - with only a small minority having vital business tools in place.

Here are a few key findings from the report, which you can download here:

  • 64% report that their tech budgets are rising
  • CRM systems are considered some of the most basic and important tools in the industry, yet just 36% of respondents report that their CRMs are operational and integral to their businesses (39% say they don’t have a CRM at all)
  • Nearly 20% of respondents report four or more different systems covering the day-to-day operations of policy lifecycle management
  • Just 21% have an application/quotation management system that adequately interfaces with insurers

The survey results reveal a clear consensus that success in our current market environment demands a technology-intensive approach to operating. But in reality, our  IT systems are merely band-aids on legacy systems - not substitutes for substantive technological change. Conducting periodic upgrades to outdated systems while customer requirements and competitive options race into the future is a recipe for disaster.

With the gap between perception and reality widening and such a large percentage of operating overhead 

dedicated to IT, it’s time to get serious about evergreen cloud-based systems.

For full survey results and insights, download the report now.

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