Upgrading technology is the number one concern for insurance and reinsurance executives, a survey found.

AdvantageGo, a range of software products for the insurance industry from NIIT Technologies, surveyed 30 C-suite insurance and reinsurance professionals from London, Bermuda, North America and Switzerland.

The top five concerns of executives are:

1. Need to upgrade technology.

2. Underwriting discipline.

3. Regulation.

4. Cybersecurity.

5. Mergers and acquisitions.

Many of those surveyed said their companies were in the process of upgrading their technology.

Three-quarters (76 per cent) of respondents were currently involved in data analytics and big data projects, and more than half were looking at projects involving machine learning (55 per cent), artificial intelligence (52 per cent), and blockchain (52 per cent).

“Whether companies want to be ahead of the game or are simply anxious about being left behind, all sectors of the market are taking insurtech seriously,” Adrian Morgan, executive vice-president and head of AdvantageGo at NIIT Technologies, said.

“On the one hand, there is an overwhelming recognition of the need to improve technology, but on the other, there is a concern about the rate at which the industry, as a whole, is adopting insurtech solutions.”

Surveyed executives stated that when it comes to picking an insurtech provider, the most important factor is demonstrable capability, followed by track record of successful delivery, customer-centric mindset, industry knowledge, and “easy to do business”.

These attributes are considered to be more important than the company being an insurtech innovator.

Adrian Morgan also stated: “Our survey shows the value placed on partnering with proven providers that marry technological knowhow with deep industry expertise.”