| | FEBRUARY 20198CIOReviewThe tech revolution's impact on society cannot be understated. You can bank at a bus stop or shop from a subway platform with just a few clicks on your smart phone. "Disrupting" outdated business models and methods has become the tech revolution's battle cry. It seems logical, then, to think that the pace at which tech modifies society also would apply equally to the insurance industry. Not so fast. Insurance is a highly regulated industry governed by rules and regulations developed over decades. However, change is in the air: the National Association of Insurance Commissioners (NAIC) in February 2018 released its strategic plan for the coming years, titled State Ahead, to "provide the roadmap for the NAIC and state insurance regulators in our rapidly changing environment to put the states in a leadership role on key issues, position the organization ahead of the curve in developing areas, and to provide the organization and its members with the tools, talent and technology needed to effectively regulate this dynamic landscape. From analytics to technology, State Ahead aims to cement the tech revolution into the fabric of insurance regulation. Achieving State Ahead's goals is still almost two years away. Nevertheless, insurers are actively seeking to infuse tech into their businesses. Drones have begun to play a large role in evaluating underwriting risks and processing claims, particularly claims made during the catastrophic 2017 hurricane season, during which some of the affected areas became difficult ­ if not impossible ­ to access due to storm-related damage. And arguably the biggest trends of late are leveraging technology to enhance customers' experience, such as using bots and apps to ensure that customers are directed INSURANCE IN THE TECH AGE: MAXIMIZING BENEFITS OF FUTURE-FOCUSED INNOVATIONS THROUGH SELF-AWARENESSBy Jose Ramon Gonzalez, Chief Legal Officer, QBE North America
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